The benchmark index of the Pakistan Stock Exchange (PSX) continued its upward momentum on Thursday to cross the 64,000 milestone in yet another record high.
According to the PSX website, the KSE-100 index gained 380.55 points at 10:20am to reach 64,298.27, up 0.6 per cent from the previous close of 63,917.72.
The benchmark of representative shares, maintaining its bull run from the preceding week, had briefly crossed the 64,000 level a day earlier but retracted towards to the end of the session.
According to analysts, the index has gained 54.5pc since Pakistan signed a loan agreement with the International Monetary Fund (IMF) in July.
Capital market expert, Mohammad Saad Ali, noted that the market is not worried about a potential delay in disbursement of IMF tranche until January as the SLA (Staff-level agreement) was successfully.
He also noted two new positive developments to be “potential Chinese investment in PRL (Pakistan Refinery Limited), which raises expectations of passing of the long delayed refinery policy imminently and oil prices correctly sharply last night amid global demand worries.” The latter expected to be trend until the end of 2023.
Shahbaz Ashraf, chief investment officer at FRIM Ventures, a Karachi-based investment company, stated: “This bullish momentum is not limited to specific sectors; rather, it is spread across the board.”
He highlighted that “foreign investors remain active participants. Foreign investments have infused the recent excitement.” This has invoked a positive market re-rating.
More to follow
