Bears and bulls keep stock market relatively stable

Pakistan Stock Exchange closing

KARACHI: During the outgoing week the Pakistan Stock Exchange (PSX) showed fluctuations but managed to turn positive towards the end. However, since Monday continued the gains from Friday, but turned negative towards the day-end. Tuesday continued with the downward tide.

Today, the index opened at 63,737.46 points and jumped up and slipped down multiple times, touching the highest of the morning at 64,043.86 points and stooping to the lowest at 63,569.34 points. By 1 PM, the index seemed to have stablised with marginal gains over opening state, at 63,764.04 points.

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The energy sector has been prominent in driving the direction of the index lately, but today the results were mixed from this segment as well. PSO traded in green while PPL stayed in red. Other sectors of the market also showed mixed results, showing that no singular segment was leading the charge at the bourse today.

Going forward, positive impetus is expected from the revised petrol prices as well as IMF’s approval for the next tranche. But the current political instability and the run up to the elections is likely to keep the index bearish for a short while at least.

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