KARACHI: During Wednesday’s trading, the bulls persisted in their advance at the Pakistan Stock Exchange (PSX) as the KSE-100 index surpassed the historic milestone of 61,000 for the very first time.
At 10:35 am, the KSE-100 index stood at 61,524.37, marking a rise of 794.11 points, equivalent to a 1.31% increase. Broad-based purchasing was evident across key sectors such as automobile assembly, cement, chemicals, commercial banks, oil and gas exploration firms, OMCs, and the refinery sector, all registering gains.
The market, on Tuesday, attained its then-highest historical levels due to vigorous buying from both local and foreign investors, supported by institutional backing. The KSE-100 index surged by 918.92 points or 1.54%, surpassing the significant 60,000-point mark for the first time in history, closing at a record high of 60,730.26 points.
This surge in buying activity follows the agreement between Pakistani authorities and the International Monetary Fund (IMF) during the initial review under the nine-month $3 billion Stand-By Arrangement (SBA). Pending approval from the IMF’s executive board, Pakistan anticipates the receipt of the SBA’s second tranche in December, consequently opening doors for inflows from other bilateral and multilateral partners.
Analysts attribute the ongoing market rally to attractive valuations and increased foreign investment. They express confidence in the market’s trajectory, citing expectations of economic stability leading to the stabilization of the Pakistani currency and a potential decline in interest rates.
