KARACHI: The Pakistan Stock Exchange managed to end the week with decent gains and recovery in the last two trading days.
The uneasy feeling among investors prevailed during the first three days of the trading week amid pro-Palestine demonstrations in Pakistan which kept investors cautious. However, some positive news, such as ease in COVID restrictions and ceasefire agreement between Israel and Hamas helped in recovery.
The benchmark KSE-100 Index gained 740.31 points, advancing to 45,914.98 points at the end of the week from 45,174.67 points at the start on Monday. “It was the first week after Eid holidays but the market came under the shadow of political uncertainty,” Khurram Schezad, CEO Alpha Beta Core, said.
“On the other hand, the ease in lockdowns despite over 100 people losing life due to COVID for many days made the investors confuse.”
However, with correction in the share prices and the announcement of the Israel-Hamas ceasefire encouraged investors for fresh buying in the last two sessions of the week, he added.
Gaza situation is sensitive for Pakistan and for the market also,” traders and analysts said. The anti-Israel demonstration started across the country and it could have been escalated to any level in absence of a ceasefire.
Fortunately, the announcement of ceasefire came quite timely for the market, they added.
