PSX gains 318 points as Moscow bourse rallies 5pc on resumption

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The Pakistan Stock Exchange (PSX) turned around on Thursday, with the benchmark KSE-100 Index gaining 318.76 points (+0.74 percent) to close at 43,522.55 points.

The PSX opened on a slight positive note but soon switched towards the red territory where it stayed for the next four hours. The buyers took control in the last two-hour trading, which not only brought the index back to the green territory but also provided it a strong closing.

Russian stocks rose as trading resumed in the country following a month-long hiatus. All eyes were on Russia’s largest bourse, the Moscow Exchange, which was up 5 percent as of 0959 GMT in a shortened trading session, supported by measures including a ban on short selling. The rouble firmed 2%, extending gains after President Vladimir Putin’s statement that Russia would start selling its gas to unfriendly countries in roubles.

The political instability in the country eroded the investors’ confidence to some extent, as the parliament is moving closer to a vote of no-confidence move against Prime Minister Imran Khan, with both treasury and opposition benches expecting a victory. On the other hand, the Pakistani rupee remained flat at 181.73 against the US dollar during the day after falling for seven straight sessions, which improved the investors’ confidence. Moreover, rising crude oil prices gave a boost to the oil exploration sector.

The KSE-100 Index moved in a range of 633.61 points, showing an intraday low of 42,936.06 points and a high of 43,569.67. TLTP

 

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