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Stocks edge up 374.37 points

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KARACHI, Dec 30 : The Pakistan Stock Exchange (PSX) on Monday began on a positive note and gained 374.37 points or 0.92 percent by 11.04am, and hit 41,222.90 points.
In the previous week, the stock market witnessed massive fluctuations as it began on a negative note on Monday when the KSE-100 share Index plunged by 824.70 points for profit-taking sessions before Christmas holiday amid absence of positive triggers but later on Thursday gained 799.47 points amid positive sentiments among traders.
On weekly basis, the Index, on Friday, closed while obtaining 16.53 points as compared to previous Friday.
On Friday, the stock market went into profit-booking and the KSE-100 index closed in the red by 279.26 points at 40,848.53. Mainly oil and gas marketing companies, exploration and production, power and cement sectors remained under pressure.
Analysts had previously termed the previous week as a rollover week when investors would offload stocks bought earlier at attractive valuations. In addition to this, absence of positive triggers to guide market’s direction also weighed on investor sentiment and spread pessimism for the rest of the day.
On Thursday, the stocks witnessed a bullish trend as KSE-100 Index jumped by 799.47 points (1.94%) – from 40,328 points to 41,127 since the previous working day (Tuesday as Wednesday was Christmas holiday). A total of 132,017,420 shares worth Rs6.52 billion were traded against 135,300,750 shares of Rs7.16 billion during the last trading day.
On Tuesday, the Index plunged to intraday low by 504 points, before recovering to 40,354.33 points, and then closed at 40,328.32 points with a positive change of 320.03 points as compared to Monday’s 40,008.29.
Last Monday, the market began in a glum mood in the face of internal and external headwinds, and the PSX saw a virtual bloodbath on Monday when the KSE-100 index went down by 824.70 points to close at 40,008.29 points. The Index traded in a range of 907.54 points or 2.22 percent of previous close, showing an intraday high of 40,839.42 and a low of 39,931.88.
Analysts had stated that one of the important factors which added more turbulence towards the red index was Indian and Pakistani troops exchanging fire in some areas along the restive Line of Control (LoC) in the disputed Himalayan region of Kashmir.
“Negative sentiments were witnessed across the board,” a report of Topline Securities had stated for Monday’s sharp decline of 824 points in the stock market to close at 40,008, down 2 percent, adding the benchmark index had barely managed to maintain the 40,000-points level as the rollover week had started.
Analysts had stated that the bearish trend continued with full force on the back of multiple factors, including profit taking by both local and foreign investors.

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