KARACHI – The Pakistan Stock Exchange (PSX) marked a significant milestone on Tuesday by surpassing the 54,000 point threshold, underpinned by positive expectations from ongoing discussions with the International Monetary Fund (IMF).
The KSE-100 index displayed remarkable bullish momentum for the third consecutive day, recording a substantial gain of 417.69 points, equivalent to 0.78% during intraday trading, ultimately settling at 54,278.05 points.
Various factors contributed to this surge in the KSE-100 index. According to Samiullah Tariq, Pakistan-Kuwait Head of Research, the stock market was bolstered by expectations of a forthcoming reduction in the monetary policy’s interest rate and the robust profitability of companies.
Furthermore, the announcement of the general elections in the country provided investors with hope for essential political stability.
Currently, Pakistan is hosting an IMF review mission tasked with conducting the initial review within the framework of the $3 billion loan program. The successful conclusion of these talks by the end of December 2023 could pave the way for the release of the second tranche, amounting to $700 million, a development that is contingent upon the achievement of a staff-level agreement between both parties.
The preceding day witnessed the PSX posting impressive gains, with a rise of 737.33 points or 1.39%, culminating in a closing value of 53,860.37 points. This sustained upward trajectory is indicative of the growing optimism among market participants.
https://en.dailypakistan.com.pk/03-Nov-2023/psx-soars-to-all-time-high-crosses-53000-barrier
