The share prices at the Pakistan Stock Exchange (PSX) rose by over 700 points on Monday as the buyers kept their eyes on the State Banks of Pakistan’s (SBP) monetary police announcement due later today, reported 24NewsHD TV channel.
As the business was set into motion in the first session, the stocks soared by 768.61 points or 0.98 percent, taking the benchmark KSE-100 index to 78,798.11 points as compared to previous close of 78,029.50.
Experts were of the view that the market was reacting positively to a string of factors including monetary policy decision and support by China.
On the last trading day on Friday, the stock market had failed to to protect the psychological level of 80,000 points, closing the week in the red at slightly above 78,000 with a sharp drop of nearly 2,100 points.
The bourse began the last week on a highly bearish note as it nosedived over 1,600 points owing to high political uncertainty following the government’s potential move to ban a major opposition party.
Bulls returned to the stock exchange on Tuesday as the KSE-100 climbed over 400 points. On Wednesday, the market extended gains, driven by a rally during the earnings season and hopes of policy rate reduction.
After two days of robust gains, the market lost momentum as it shed more than 900 points on Thursday due to concerns over a deteriorating political situation.
A bearish trend prevailed in the last trading session in the absence of major positive developments. The benchmark KSE-100 index closed the week at 78,030, with a significant decline of 2,089 points, or 3% week-on-week.
Reporter Ayaz Rana