Bulls see PSX rise above 39,000 point barrier after eight days of negativity

Stocks swelled by 648.11 points, or 1.69%
<p>Photo: SAMAA</p>

Photo: SAMAA

A new monetary policy and the government’s decision to clear letters of credit saw the benchmark KSE-100 index on Tuesday rise above the psychological barrier of 39,000 points as bulls took over the index.

The index gained 612.06 points or 1.59% on Tuesday to close out the day at 39,055.65 points.

On Monday, the index had closed at 38,443.59 points. On Tuesday, from the moment the bell rang, the index saw positive activity and reached an intraday high of 648.11 points, or 1.69%.

It first peaked after breaking through the 39,000 point, gaining 565.71 points to surge to 39,009.30 points.

The index saw another surge later in the day when it rose another 446.17 points to rise to a day high of 39,091.70 points.

The day saw some 100.210 million shares trade hands while the total value of business conducted was Rs5.6 billion.

Earlier, Dr Aisha Ghaus Pasha, State Minister for Finance and Revenue, on last Thursday said that the government wants to continue the International Monetary Fund (IMF) program.

Pakistan is seeking IMF program along with the support of friendly countries as the United Arab Emirates has rolled their deposit of $2 billion loan to Pakistan.

Pakistan Stock Exchange

Tabool ads will show in this div