Pakistan’s benchmark KSE-100 index jumped back on Friday and rose 2,419.2 points (2.33%) in intraday trade to reach a high of 105,946.01, as the market’s atmosphere is stabilized after Thursday’s steep sales.
The index was closed at 103,526.81 Thursday after tumbling 6,482.21 points, or 5.89%, its worst single-day fall on the record. Early trade on Friday did not experience fresh disturbances and helped restore the investor’s confidence.
Investor Attention is now at the IMF’s executive meeting later today, with Pakistan hoping to secure a $ 1.3 billion payout during its current expanded fund facility.
The Board of Directors will also review Islamabad’s request for access to resilience and sustainability facilities.
If approved, the total payments under the program will reach approx. 2 billion dollars. The recovery follows a fleeting session where the index swung between a low level of 102,420.82 points and a high of 105,946.01 points.
On Thursday, Stocks underwent a day of Stampede when PSX witnessed the biggest single-day leap of 6,482.21 points as fear of war between Pakistan and India intensified.
The market initially opened strongly and reached an intraday high at 111,881.02, but fear of escalating border tension triggered another wave of panic sales. Trade was stopped for one hour after KSE-100 dropped almost 7,000 points. When trade was resumed, the index continued its downward spiral and hit an intra-day low of 101,598.90.
The massive tax followed the market’s previous volatility days with investors who are still afraid of a potential conflict. As geopolitical risks mounted, the market was gripped by panic, resulting in an unprecedented decline.
