During Friday’s trading session, the Pakistan Stock Exchange (PSX) experienced a robust bullish performance, with the benchmark KSE-100 index gaining over 700 points. At 11:30 am, the index reached 66,178.67, marking a substantial increase of 728.49 points or 1.11%.
The market saw widespread buying activity, particularly in index-heavy sectors such as automobile assemblers, cement, commercial banks, fertilizer, oil and gas marketing companies, oil and gas exploration companies, and refinery, all registering gains.
On the previous day, the KSE-100 Index closed higher at 65,450.19, recording an uptick of 170.03 points or 0.26% after a day of back-and-forth trading.
Experts attribute this momentum to renewed interest from international companies in Pakistan, fostering optimism about increased foreign exchange inflows. Additionally, market confidence is bolstered by the anticipated release of funds by the International Monetary Fund (IMF) next month.
The IMF’s executive board is scheduled to meet on January 11 to finalize the approval for the disbursement of a $700 million tranche from its current loan program with Pakistan.
In a noteworthy development, Aramco, a global leader in integrated energy and chemicals, has signed definitive agreements to acquire a 40% equity stake in Gas & Oil Pakistan Ltd. (“GO”), adding further positive momentum to the market.
