On Tuesday, the Pakistan Stock Exchange (PSX) continued its upward trend, rising immediately after the opening bell.
The KSE-100 index, which is the benchmark, increased by 1.24% or 509.61 points to reach 41,700.38 points at 10:03am. Siddique Dalal, the CEO of Dalal Securities, stated that the rise was due to the anticipation of the resolution of the gas sector’s circular debt, leading to better dividends for gas companies.
State-owned firms such as PPL, SSGC, SNGPL, and OGDC were driving the growth of the KSE-100 index, and the cement sector was also performing well. Additionally, the buyback of shares by various companies and investor confidence being strengthened if the government addresses the circular debt and reaches an agreement with the IMF also contributed to the rise.
Mohammad Arbash, a Senior Manager Equity at Topline Securities, stated that the market was rallying due to the expected agreement between the government and the IMF, as well as the resolution of the Rs 540 billion circular debt.
