KSE-100 Index increases 240 pts to close at 47,000-point level

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By Commerce Reporter

KARACHI: Pakistan Stock Exchange (PSX) yesterday staged a rebound and resumed its uptrend due to overall optimism on back of currency appreciation.

The benchmark KSE-100 closed session just shy of 47,000-psychological barrier.

The uptrend was witnessed on bets of status quo in monetary policy announcement due next week on Monday (September 20).

The KSE-100 opened session on a positive note, however, frequent dips were witnessed at regular intervals.

Nonetheless, bulls dominated most of the sessions as investors also cheered easing of COVID-related restrictions in the country, which snapped a two-day losing streak at bourse.

According to Arif Habib Limited report after posting consecutive losses in past two sessions, index bounced back and touched an intra-day high of 242 points during session, closing at +204 points (unadjusted).

“Besides rebound in technology sector, exploration and production stocks posted gains,” report said, adding that cement and oil and gas marketing companies remained under selling pressure, whereas nominal gains were posted by steel, chemical and banking sector stocks.

Benchmark KSE-100 index crawled up by 203.74 points or 0.44 percent yesterday to close at 46,920.46 points.