KARACHI: Pakistan Stock Exchange (PSX) experienced positive trend as KSE-100 index surge by 700 points.
On the second day of the business week, the market witnessed a bullish start, with the benchmark KSE=100 index surging by over 700 points. reaching the level of 168,518 points.
Heavy selling was witnessed across major sectors including cement, banking, fertilisers, oil and gas exploration, oil marketing companies (OMCs), and refineries. Key index contributors such as ARL, MARI, OGDC, POL, PPL, PSO, and WAFI all traded in negative territory.
Meanwhile, a significant update emerged from talks between Pakistani authorities and the International Monetary Fund (IMF) on Monday, where both sides discussed revising Pakistan’s GDP growth forecast downward to 3.5% for the ongoing fiscal year lower than the government’s 4.2% target. The adjustment reflects the economic impact of recent floods, which damaged critical infrastructure, agriculture, and livestock.
According to sources, the destruction caused by the floods and ongoing external pressures are expected to fuel further inflation.On Monday, the PSX had already closed in the red, driven by rising geopolitical tensions with India and sustained profit-taking. The KSE-100 Index settled at 167,752.41, down by 1,237.66 points or 0.73%.
