Shares at the Pakistan Stock Exchange’s (PSX) KSE-100 index on Friday failed to hold intraday gains, increasing by almost 80 points.
According to the PSX website, the KSE-100 index struck 63,790.08 points at 10:42am, up 587.68 points or 0.93 per cent from the previous close of 63,202.40 points.
However, the index retracted and recorded marginal gains, closing at 63,282.22, up by 79.82 points, from the previous close.
A day earlier, border tensions with Iran had sustained a bearish momentum at the stock exchange. Analysts had said that tensions with Iran had affected investor sentiment, offsetting positives on the external account such as a healthy current account surplus and UAE’s debt rollover.
Today, Mohammed Sohail, chief executive of Topline Securities, noted the market was recovering due to “temperature cooling down after statements from Pakistan and Iranian authorities”.
Tahir Abbas, head of research at Arif Habib Limited, echoed the same sentiments. “The stock market rebounded today amid expected de-escalation between Pakistan and Iran border tension,” he said.
