KARACHI: The Pakistan Stock Exchange (PSX) witnessed a historic surge on Wednesday as the benchmark KSE-100 index breached the 63,000 mark for the first time, showcasing a robust bullish trend in the country’s equity market.
According to data from the PSX website, the KSE-100 index gained 447.13 points or 0.71%, reaching an intraday high of 63,403.15 points at 10:59 am. Market experts attribute this remarkable performance to several factors, including strong profitability, attractive valuations, and optimistic expectations of a potential reduction in interest rates, slated to be announced on December 12.
According to market experts, key catalysts for the recent bullish run include the compelling profitability of listed companies and attractive market valuations. They expressed confidence in the market’s positive trajectory and said it should remain bullish in the coming days.
Continuous Bullish Trend in PSX
The previous day saw a significant boost in stocks, fueled by expectations of enhanced economic conditions amid signs of progress in securing financial support from the International Monetary Fund (IMF) and friendly nations. The benchmark KSE-100 index rose by 0.74%, gaining 463 points to close at 62,956 points.
Investors appear optimistic about the economic outlook, buoyed by improvements in key indicators such as trade deficit, remittances, and exports. The local currency demonstrated stability, marking its sixth consecutive session of gains.
