<\/p>\n
The Pakistan Stock Exchange\u2019s benchmark KSE-100 index briefly crossed the 54,000 barrier on Tuesday before shedding much of its gains and closing in the red.<\/p>\n
A little before 11am, the index gained 403.5, or 0.75 per cent, from the previous close of 53,860.36. However, at closing time, the index lost 124.63, or 0.23pc, to close at 53,735.73.<\/p>\n
The KSE-100 index has gained more than 30pc this year, with a turnaround in fortunes coming after the IMF approved the loan programme in July to avert a sovereign debt default.<\/p>\n
Analysts had attributed the bullish run in the KSE-100 index earlier in the day to expectations of a timely International Monetary Fund (IMF) review.<\/p>\n
An IMF delegation had landed in Islamabad last week for the much-awaited loan review talks, setting the stage for a deep dive into forward-looking reforms under a nine-month bailout package.<\/p>\n
Speaking to Dawn.com<\/em>, Topline Securities chief executive Mohammad Sohail said: \u201cMomentum continues as investors are hopeful of a timely IMF review.\u201d<\/p>\n \u201cWith valuations so attractive, everyone wants to buy,\u201d he added.<\/p>\n Meanwhile, Faran Rizvi, head of equity sales at JS Global, attributed today\u2019s rally to recent actions \u201caimed at combating illicit trade\u201d and efforts to stabilise the value of dollar.<\/p>\n \u201cThe ongoing adherence to IMF recommendations within the energy sector are positive signals for investors,\u201d he said.<\/p>\n \u201cThese measures reflect a commitment to maintain a favorable relationship with the IMF, ensuring eligibility for future IMF disbursements and potential financial support from other external lenders,\u201d Rizvi added.<\/p>\n Salman Naqvi, head of research Aba Ali Habib Securities, also said that the ongoing IMF talks were driving the benchmark index. \u201cThere is reason to believe that the next tranche will be released after which bilateral and multilateral entities will also provide Pakistan with funds.\u201d<\/p>\n He highlighted that the companies\u2019 announcement period remained good and predicted coming days to be better in terms of corporate earnings.<\/p>\n \u201cThe dollar has been controlled, the Pakistani rupee has appreciated. Along with that, there are talks about the interest rates coming down in the monetary policy due in December,\u201d Naqvi further stated.<\/p>\n However, he cautioned that valuations were still cheap.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":" The Pakistan Stock Exchange\u2019s benchmark KSE-100 index briefly crossed the 54,000 barrier on Tuesday before shedding much of its gains and closing in the red. A little before 11am, the index gained 403.5, or 0.75 per cent, from the previous close of 53,860.36. However, at closing time, the index lost 124.63, or 0.23pc, to close […]<\/p>\n","protected":false},"author":2,"featured_media":22292,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"fifu_image_url":"https:\/\/i.dawn.com\/large\/2023\/11\/071124548289ee5.png?r=112525","fifu_image_alt":"","footnotes":""},"categories":[10],"tags":[],"class_list":["post-22291","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-pakistan"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/posts\/22291","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/comments?post=22291"}],"version-history":[{"count":0,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/posts\/22291\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/media\/22292"}],"wp:attachment":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/media?parent=22291"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/categories?post=22291"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/tags?post=22291"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}