ISLAMABAD: KSE-100 index of the Pakistan Stock Exchange (PSX) continued its bullish trend with record breaking temperament while reaching to another all-time high as on Friday the index gained 1160 points, not only to cross 61,000 level but also reached another record level of 61691 against its last day stand of 60531.
On last day of the week, the index witnessed bullish trend throughout the day, except a brief session in the morning, where most of the entities particularly heavy sectors including automobile assemblers, cement, chemical, commercial banks, oil and gas exploration, and refinery sector opted for buying and remained in the green zone.
Record Breaking Bullish Trend at PSX
During last couple of weeks, the PSX witnessed a significant and recorded bullish trend. According to expert the recent bullish trend took the KSE-100 index as the top performer in Asia where the index gained over 8000 points just in a couple of weeks. Only in November the 100-index gained over 8000 points while during last 5 months the index achieved historical over 20000 points. In addition, volume of the trade was also increased to a significant level during last few months.
Meanwhile, the last 7 to 8 working days, witnessed seven consecutive all-time high at PSX. After breaking few records last week, index reached a new historic high and crossed 59000-mark last Friday. Meanwhile on Monday, the index closed to 60000 mark whereas on Tuesday it surpassed sixty thousand milestone with a brief bullish trend of above 61000 mark in the middle of Wednesday. However, tis Friday it reached another all time high of 61691 level.
According to the experts the continues bullish trend in the market was due to the recent engagements between Pakistan and the International Monetary Fund (IMF) to reach a staff-level agreement on the first review for 9-month Stand-By Arrangement (SBA) of $3bn, couple with a possible decline in the policy rate by SBP.
After completion of the process, next tranche of the IMF is expected next week. After the agreement, inflows related to multilateral and bilateral partners are also expected.
