The Pakistani Stock Exchange (PSX) sets a new milestone, shattered all the previous records.
During Monday’s trading session, the benchmark KSE-100 Index reached a new intraday record, staying above the 59,700 level.
In the latest trading session, the KSE-100 index showcased remarkable performance, reaching the 59,790.71 level at 2:15 pm, reflecting an impressive increase of 704.36 points or 1.19%. This surge was fueled by widespread buying, particularly in index-heavy sectors such as automobile assemblers, cement, chemicals, oil and gas exploration companies, OMCs, and property.
The positive momentum follows a week of substantial gains in the Pakistan Stock Exchange (PSX), with the benchmark index experiencing its highest-ever level. Closing at 59,086.35 points, the index surged by 2,023.19 points on a week-on-week basis, surpassing the psychological milestone of 59,000 for the first time in its history.
This bullish trend is attributed to robust buying activities from both local and foreign investors, coupled with significant institutional support. The optimistic market sentiment is further boosted by the recent staff-level agreement between Pakistani authorities and the International Monetary Fund (IMF) on the first review under the nine-month $3 billion Stand-By Arrangement (SBA).
Anticipation is high for the approval of the agreement by the IMF’s executive board in December, paving the way for the disbursement of the second tranche of the SBA. This expected funding is not only crucial for Pakistan but is also anticipated to facilitate inflows from other multilateral and bilateral partners.
Market analysts suggest that the upcoming Monetary Policy Committee (MPC) meeting in December may bring a policy rate cut, further improving liquidity in the stock market. The overall outlook remains positive, with investors closely monitoring key developments in the economic landscape.
