Bulls dominates PSX as 100-index gains 1,150 points

KARACHI – Following the rupee’s devaluation in the open and interbank markets, the benchmark index of the Pakistan Stock Exchange (PSX) continued to rally on Thursday, crossing the key 40,000 points mark.

As of 2:39pm, the benchmark KSE-100 index gained by 1,150 points with the market at 40,935 points.  

Speaking on the development, Arif Habib Corporation’s Ahsan Mehanti said, “Stocks showed strong recovery in the earnings season on institutional interest in scrips across the board after the government’s decision to make tough decisions to seek IMF (International Monetary Fund) programme revival.”

He said that investor speculation over likely help from the United States to revive the programme as well as financial support from the United Arab Emirates and Saudi Arabia played a catalyst role in the bullish activity.

Abbas added that the mini-budget is also expected within the next eight to 10 days, the tariffs of gas and electricity might also witness an increase and more taxes would be imposed — also the global money lender's conditions.

Pakistani rupee slumps to all-time low of 255 against dollar in inter-bank market