Pakistan Stock Exchange witness massive spike
ISLAMABAD - The Pakistan Stock Exchange (PSX) witnessed an overall spike in its gains as local and foreign investors rampaged across the market to quickly hit upper circuits as soon as the war clouds hanging over the region due to US-Iran hostilities dissipated.
The index was hit hard earlier in the week as tensions in the Middle East had escalated following the death of Iranian General Qassem Soliemani.
On a weekly basis, the benchmark KSE-100 Index accumulated 883.75 points, ending at 43,207.05 points (17-month high) as compared to last week’s close at 42,323.30.
Based on the National Clearing Company of Pakistan (NCCPL) data, foreigner investors remained net buyer of $7.02 million during the outgoing week. On the local side, mutual funds and individuals were net sellers of $5.78 million and $4.11 million, respectively.