KARACHI – The Pakistan Stock Exchange (PSX) maintained its bullish trend on Tuesday as the benchmark KSE-100 index has now crossed the 60,000 during the intraday trading amid reports of new investment from UAE and Kuwait.
In November 2023, the KSE-100 gained more than 8,000 points to jump to historic level.
At 11:13am, the benchmark KSE-100 index was at 60,662 points up by 850 points compared to yesterday’s closing of 59,811.
An official of the brokerage and investment banking firm Arif Habib Limited, has attributed the rally to IMF’s inflows expected next month and strong performances by the major sectors.
A day earlier, e KSE-100 index had recorded marginal gains until noon. However, at 1:11pm, it witnessed a sudden surge which continued until closing time. The index closed at 59,811.34, up by 724.99 points, or 1.23 per cent, from the previous 59,086.35.
In the previous session on Friday, the benchmark KSE-100 index had touched a new record of 59,100 points, thanks to excellent corporate profits, reduced economic volatility, the successful conclusion of a staff-level deal with the International Monetary Fund, expectations of a post-poll ‘stable’ government and optimism about the early reversal of monetary tightening, share prices have jumped rapidly in the last three months. Commenting on Monday’s rally, Raza Jafri, head of equity at brokerage company Intermarket Securities, said, “The banking sector is leading the rally with the sector’s outlook improving in tandem with the economy.”
