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KARACHI: The benchmark KSE-100 index increased by 655 points as the Pakistan Stock Exchange (PSX) started in the green on Monday.
The 100-index increased by 655 points, breaking beyond the physiological threshold of 40,000 points, and is currently trading at 40,324 points at 10:45 a.m. Automobiles, banks, and cement, all index-heavy stocks, traded in the green as a result of widespread purchasing.
The improvement contrasts with the prior week when the KSE-100 Index plunged 4% and fell close to the 39,000-point mark. The PSX saw carnage on last Tuesday, a day characterized by political unrest and a precarious economic climate, as the benchmark KSE-100 Index dropped by more than 1,100 points.
Drop in foreign reserves
According to information provided by the central bank, the foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased by $584 million to $6.11 billion in a single week.
The State Bank of Pakistan (SBP) stated in a statement that there was a $570 million decrease in the overall liquid foreign reserves. From $12.57 billion to $12 billion, the total reserves decreased.
Commercial banks now have over $5.88 billion in net foreign reserves, a rise of $13 million.