Pakistan Stock Exchange witnesses bullish trend, 100 index gains 421 points

By Muhammad YaseenPublished On 05 Jan 2023

KARACHI: After a continued downward trend, the Pakistan Stock Exchange (PSX) witnessed a bullish trend on Thursday, as the 100-index gained 421 points at the start of a business day.

On December 24, the PSX 100 Index plunged 210 points after gaining 100 points on Tuesday. The 100 indexes had failed in maintaining a level of 40,000 points was recorded at the level of 39,800 points.

But, the investors on Thursday, seem to gain confidence during the trading, as the 100-index gained 421 points and currently being traded at 40,749 points. Meanwhile, Asian markets idled near 18-month highs on Monday as trading volumes were weakened owing to Christmas holiday break.

In early European trades, the pan-region Euro Stoxx 50 futures and German DAX futures rose 0.1% each while those for London’s FTSE inched up a bit. E-Mini futures for the S&P 500 climbed to all-time highs has put on 2.7% for the month.

Global stocks were “basking in the afterglow of the US-China trade deal and continued encouraging signs of stabilization in the global growth slowdown,” said David Bassanese, Sydney-based chief economist at Betashares.