The Pakistan Stock Exchange (PSX) rebounded sharply on Friday, ending a multi-day losing streak as rising foreign exchange reserves boosted investor confidence.
In intraday trading, the benchmark KSE-100 index surged by 3,159.72 points to reach 184,616.05, reflecting a 1.74% increase from the previous close of 181,456.33.
Meanwhile, Pakistan’s foreign exchange reserves rose by $16 million over the past week, according to data released by the State Bank of Pakistan.
The central bank reported that its official reserves increased from $16.0557 billion to $16.0718 billion during the week, while the country’s total foreign exchange reserves climbed to $21.2484 billion.
The State Bank also noted that commercial banks’ holdings went up by $5.6 million, reaching $5.1927 billion.
Officials said the uptick offers some breathing space for the economy, even as the country continues to keep a close watch on external inflows and outflows.
A day earlier, the stock exchange dropped by over 1,100 points due to massive selling pressure.
Source: Dunya News
