PSX rings in FY22 on positive note
Index continues range-bound trading amid approval of Finance Bill
ISLAMABAD:
Bulls staged a comeback at the Pakistan Stock Exchange (PSX) following two weeks of bearish trade as the benchmark KSE-100 finished the first week of FY22 with a meagre gain of 83 points or 0.2% to settle at 47,686.18 points.
Interest in selected stocks kept the market buoyant as sector-specific developments spurred buying interest. The index maintained an upwards momentum on the back of approval of federal budget for fiscal year 2021-22. The market finished three of the five sessions in the green.
The week began with the KSE-100 index diving downwards as dismal economic data dented investor sentiment. Current account figures released by the State Bank of Pakistan (SBP), which showed a deficit of $632 million in May 2021, coupled with the decision taken by the Financial Action Task Force (FATF) to keep Pakistan in its grey list and warning of a fourth wave of Covid-19 impacted investors sentiment.