Strong Uptrend In PSX After Improvement In Global Markets

Aizbah KhanWeb Editor

03rd Nov, 2020. 06:48 pm
Strong Uptrend In PSX After Improvement In Global Markets

Rising crude oil prices, improving global markets and lower-than-expected inflation in October kept the Pakistan Stock Exchange (PSX) bullish and the benchmark ‘KSE 100 Index’ up 1369 points. It closed at 40,481 points after the addition of.

The Hundred Index has seen a positive trend since the start of trading on Tuesday, with the Hundred Index reaching a high of 40,500 and a low of 39,112.

Syed Atif Zafar, Chief Economist, Topline Securities, said: Interest has increased.

He said that the lower-than-expected inflation rate in the Bureau of Statistics data also had an impact on the market.

Inflation in October was 8.9 per cent, down from 9 per cent in September, due to a slight drop in food prices, which was lower than market expectations as analysts forecast inflation to be above 9 per cent.

Commercial banks and the cement sector were among the gainers in the stock market on Tuesday.

Muhammad Sohail of Topline Securities said that the bullish trend in the stock market was due to the improvement in the global markets, while the rise in crude oil prices was due to the rise in the oil sector.

Global crude oil prices rose by about 3% due to the improvement in global financial markets.

N0te that the stock market had plunged nearly a thousand points on the first day of the business week due to increasing cases of coronavirus and fears of lockdown in the country and around the world.

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