KSE-100 climbs by over 1,800 points during intraday trade

The Pakistan Stock Exchange’s KSE-100 index climbed by 1,804.59 points during intraday trade on Tuesday after witnessing a meltdown a day earlier.

The KSE-100 index climbed by 1,804.59 points, or 1.23 per cent, to stand at 148,647.56 at 12:19pm from the previous close of 146,842.97.

On Monday, PSX came under extreme selling pressure, dragging the KSE-100 index below the 145,­000 mil­estone intraday, before closing 4,864.54 points lower.

The benchmark KSE-100 index remained in negative territory from the beginning of trade, hitting an intraday low of 144,656.97, a sharp decline of 7,050.55.

Ali Najib, Deputy Head of Trading at Arif Habib Ltd (AHL), said that since February 9, it has been the seventh consecutive Monday, excluding March 23, during which the market experienced significant sell-offs, mostly driven by adverse geopolitical developments.

Investor participation stayed cautious, keeping overall momentum fragile and contributing to incr­eased volatility, he added.

However, last week brought positive news as the International Monetary Fund (IMF) reached a Staff-Level Agreement with Pakistan for the release of due tranches under the two progra­mmes.