KARACHI – The Pakistan Stock Exchange (PSX) reached an unprecedented milestone on Friday, surging over 400 points and surpassing the 53,000-point mark. The primary drivers behind this remarkable achievement include the optimistic outlook for a successful International Monetary Fund (IMF) review.
As of the latest data, the market currently stands at 53,111.30 points, marking a gain of 454.54 points, or 0.86%. This historic moment represents the first instance of the KSE-100 index crossing the 53,000 threshold.
Arif Habib Limited shared on X (formerly Twitter) that the market’s performance has reached extraordinary heights, surpassing previous records and ushering in a new era of financial excellence.
https://twitter.com/ArifHabibLtd/status/1720296819761217989
According to capital market expert Saad Ali, the market’s momentum can be attributed to diminishing political risks, positive macroeconomic indicators, the anticipation of a favorable IMF review, and expectations of imminent interest rate reductions. Despite these positive factors, he notes that the market’s valuation remains relatively low, with a forward earnings multiple of only 4x, considering historical standards.
Samiullah Tariq, Pakistan-Kuwait Head of Research, explained that robust earnings, the outlook for a successful IMF review, and the prospect of declining interest rates in the future are key factors propelling the market’s growth.
Back in October, the KSE-100 index had already been recognized as the world’s third best-performing market, achieving a six-year high at 51,920 points.
