PSX gains 111 points in volatile session

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Pakistan Stock Exchange (PSX) witnessed a volatile session on Tuesday, with the benchmark KSE-100 Index gaining 111.22 points (+0.26 percent) to close at 43,504.36 points.

The market opened on a positive note, a day after witnessing the highest decline of points in the benchmark index in a single day since December 02, 2021, but remained volatile throughout the session. The investors remained cautious amid continuous depreciation of rupee against the US dollar, ballooning trade deficit during the current fiscal year due to a massive growth in imports, and fast depleting foreign exchange reserves.

The indices switched between the green and red territories as political and economic uncertainty kept the investors at bay. The government’s indecisiveness over economic decisions weighed on the bourse. The uncertainty regarding the 7th review of the International Monetary Fund (IMF) programme also added fuel to fire. The mainboard continued to remain dry whereas hefty volumes were observed in 3rd tier stocks, a note by Arif Habib Limited highlighted.

The KSE-100 Index moved in a range of 384.86 points, showing an intraday high of 43,647.55 and a low of 43,262.69 points.

 

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