Karachi, April 9 The Pakistan Stock Exchange (PSX) on Thursday experienced a stable trading day after recording its highest single-day gain of over 14,000 points (+9 per cent) in its history the previous day, amid the US and Iran ceasefire announcement.
The benchmark KSE-100 index remained around the 165,700-166,800 level after opening near its previous close of 165,811 points. It closed at around 165,730 points.
On Wednesday, PSX registered its highest single-day gain of over 14,000 points (+9 per cent) in history, as investors cheered the global peace momentum following the ceasefire announced between the US and Iran.
Financial analyst Kaukab Farshori of Capital Investments said that investors were cautious due to the ongoing issues with the ceasefire and Israel's continued aggression in Lebanon.
"We saw a marginal decline today of about 74 points, but the index remained stable and closed around 165,730 points," he added.
The KSE-100 index touched an intraday low of 161,993 and a high of 166,812.93, indicating significant volatility in early trading before stabilizing by midday.
Farshori said that trading activity was positive on the floor, with a total volume of shares exceeding 572 million, valued at 33.95 billion Pakistani rupees, in around 289,000 trades.
However, the market breadth was negative, with 301 stocks declining, 168 advancing, and 96 remaining unchanged out of 565 active scripts.
He added that investors were experiencing generally positive sentiments despite the Iran conflict, as the State Bank received 17 per cent higher remittances in March compared to February, with an inflow of USD 3.8 billion.
He also stated that improving Pakistan-Afghanistan ties, with Chinese assistance, and stable macroeconomic indicators, including a USD 1.43 billion Eurobond repayment and steady reserves and remittances, reinforced investor confidence.
Pakistan is set to host high-stakes, in-person talks between the US and Iran on Friday, aiming to consolidate a fragile ceasefire and avert further escalation in West Asia.
The US and Iran agreed to a two-week conditional ceasefire early Wednesday, followed by a face-to-face meeting in Islamabad to resolve differences and convert the ongoing truce into a lasting peace.
