PSX Approaches 60,000 Mark with a Surging Intraday Trading Session
The benchmark KSE-100 Index demonstrated exceptional performance, reaching an intraday high of 59,790.71 at 2:15 pm, marking an impressive surge of 704.36 points or 1.19%. This upward momentum was fueled by robust buying activities, particularly in key sectors such as automobile assemblers, cement, chemicals, oil and gas exploration companies, OMCs, and property.
Karobar
In a remarkable feat, the Pakistani Stock Exchange (PSX) has once again rewritten its records, nearing the 60,000 milestone during Monday's trading session.
This surge follows a week of substantial gains, propelling the benchmark index to its highest-ever level. Closing at 59,086.35 points, the index witnessed a week-on-week increase of 2,023.19 points, breaching the psychological barrier of 59,000 for the first time in its history.
Market analysts attribute this bullish trend to active buying from both local and foreign investors, coupled with substantial institutional support. The positive market sentiment is further amplified by the recent staff-level agreement between Pakistani authorities and the International Monetary Fund (IMF) regarding the first review under the nine-month $3 billion Stand-By Arrangement (SBA).
Anticipation is building for the approval of the agreement by the IMF’s executive board in December, clearing the path for the disbursement of the second tranche of the SBA. This anticipated funding is not only pivotal for Pakistan but is also expected to attract inflows from other multilateral and bilateral partners.
Looking ahead, market analysts speculate that the upcoming Monetary Policy Committee (MPC) meeting in December may witness a policy rate cut, enhancing liquidity in the stock market. The overall outlook remains positive, with investors vigilantly observing key developments in the economic landscape.
