PSX opens in green as 100-index gains 655 points

KARACHI: The Pakistan Stock Exchange (PSX) opened in the green on Monday, with the KSE-100 benchmark index gaining 655 points, ARY News reported.

With a gain of 655 points, the 100-index crossed the physiological barrier of 40,000 points and is being traded at 40,324 points at 10.45am.

Across-the-board buying was witnessed with index-heavy automobiles, banks, cement all trading in the green.

The increase comes in contrast to the previous week, when the KSE-100 Index tanked 4%, dropping near the 39,000-point level. Last Tuesday, marred by political upheaval and a vulnerable economic situation, the PSX witnessed a bloodbath as the benchmark KSE-100 Index lost over 1,100 points.

Read more: Foreign exchange: SBP reserves fall $584m to $6.11bn

Foreign reserves plunge

The foreign exchange reserves held by the State Bank of Pakistan (SBP) declined $584 million to $6.11 billion in a week, according to data released by the central bank.

In a statement, the State Bank of Pakistan (SBP) said the total liquid foreign reserves witnessed a reduction of $570 million. The overall reserves were reduced from $12.57 billion to $12 billion.

Net foreign reserves held by commercial banks increased to over $5.88 billion after an increase of $13 million.