Maintaining its bullish run from the preceding sessions, the benchmark index of the Pakistan Stock Exchange crossed the 62,000 milestone on Monday amid growing clarity in macroeconomic factors.
According to the PSX website, the KSE-100 index closed at 62,493.05 points, up 801.80 points or 1.3 per cent, from the previous close of 61,691.25.
The benchmark of representative shares has been recording persistent gains that analysts attribute to improvement in the country’s economic indicators, including foreign exchange reserves of the State Bank of Pakistan that increased by $77 million to $7.2 billion for the week ending on Nov 24 besides the much-anticipated reduction in the policy rate going forward.
Speaking to media, JS Global’s Faran Rizvi said: “Anticipating future events, market participants tend to act in advance, perceiving macroeconomic developments.”
He added that the bullish momentum was expected to continue “with substantial clarity in macroeconomic factors, leading up to the election date”.
