KARACHI – The Pakistan Stock Exchange (PSX) kicked off the day on a highly positive note, surpassing the significant 55,000 mark during intraday trading on Friday, marking a remarkable milestone.
Around 10:10 am, the KSE-100 index stood at 55,253.19 points, registering a substantial increase of 991.77 points or 1.83% compared to the previous closing figure of 54,261.42.
Arif Habib Limited, as mentioned on X (formerly Twitter), celebrated this achievement as the KSE-100 index scaled new heights, reaching an unprecedented level.
KSE100 crossed 55k level trading at all time high
KSE-100 index went up by 841 points (55,102 pts, +1.55%, on intraday basis) DoD ; crossing 55k level.@Pakstockexgltd#KSE100 #PSX #Equities #Pakistan pic.twitter.com/fipHcVda5d
— Arif Habib Limited (@ArifHabibLtd) November 10, 2023
Tahir Abbas, the Head of Research at Arif Habib Limited (AHL), said that the driving force behind this market surge is the expectation of a successful outcome from the International Monetary Fund’s (IMF) first review.
Additionally, he pointed out that diminishing inflation and interest rates, coupled with the anticipation of monetary easing, have played pivotal roles. The market’s attractive valuations, despite achieving an all-time high, have garnered the favour of investors in the local bourse.
Raza Jafri, the Head of Equities at Intermarket Securities, attributed this remarkable rise in the KSE-100 to substantial domestic institutional buying and the decline in Pakistan Investment Bond (PIB) yields. He also highlighted the upcoming MSCI review, which will likely increase Pakistan’s weight, as well as the appeal of high dividend-yielding stocks.
He emphasised that the ongoing IMF review remains a key checkpoint that will significantly influence the market’s future trajectory.
