Pakistan stock market posts robust recovery

The week ended 24th May 2019 marked substantial recovery at Pakistan Stock Exchange (PSX), with benchmark index gaining 2,537 points, up 7.65%WoW to close at 35,704 levels. The market closed positively for the first time after seven weeks. After a decade, the benchmark index posted the largest weekly gain of 7.65% or 2,537 points, the last highest gain of 9.1% was recorded in first week of April 2009. All sessions of the week closed on positive note, showing renewed optimism of investors on the back of market support fund and deferred oil facility by Saudi Arabia. While euphoria surrounding Market support fund could persist in the immediate term, investors are likely to remain wary of the fundamental weaknesses while taking exposures in certain sectors. Investors are also advised to keep a keen eye on budget related news which is expected to define market direction in the upcoming week. Further, with holiday season near, market may witness thinner volumes.

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