Key points
- KSE-100 index jumped 9.3pc or 9,900 points at the open on Monday
- Following the rapid surge, trading on the exchange was suspended
ISLAMABAD: The Pakistan Stock Exchange (PSX) opened to a sharp rally on Monday, with the benchmark KSE-100 index jumping 9.3 per cent or 9,900 points at the open, local media reported.
Geo News reported market participants responded with strong buying activity amid improved geopolitical and economic outlooks. However, following the rapid surge, trading on the exchange was suspended — a circuit breaker to control excessive volatility.
At 9:30am, the benchmark index was hovering at 117,104.11 level, an increase of 9,929.48 points or 9.2 per cent, according to Pakistan based financial daily Business Recorder.
“Extremely positive”
Business Recorder cited Mohammed Sohail, CEO of Topline Securities as saying, “As expected, the Pakistani stock market rallied at the open with the KSE 100 index opening up at a record 9,900 or 9.3 per cent. Sentiments are extremely positive after the ceasefire and approval of the loan tranche by the International Monetary Fund’s (IMF) at the weekend”.
