{"id":27159,"date":"2023-11-22T11:40:06","date_gmt":"2023-11-22T11:40:06","guid":{"rendered":"https:\/\/news.pakistaninewspaperlist.com\/psx-maintains-bullish-streak-crosses-58000-milestone\/"},"modified":"2023-11-22T11:40:06","modified_gmt":"2023-11-22T11:40:06","slug":"psx-maintains-bullish-streak-crosses-58000-milestone","status":"publish","type":"post","link":"https:\/\/pakistaninewspaperlist.com\/news\/psx-maintains-bullish-streak-crosses-58000-milestone\/","title":{"rendered":"PSX maintains bullish streak, crosses 58,000 milestone"},"content":{"rendered":"<p><\/p>\n<div dir=\"auto\">\n<p>The benchmark index of the Pakistan Stock Exchange (PSX) continued its momentum from the previous session on Wednesday and surpassed the 58,000 level.<\/p>\n<p>According to the <a rel=\"noopener noreferrer\" target=\"_blank\" class=\"link--external\" href=\"https:\/\/dps.psx.com.pk\/\">PSX website<\/a>, the KSE-100 index closed at 58,198.76 points, up 827.18 or 1.44 per cent from the previous close of 57,371.58 points, after trading in the green throughout the day.<\/p>\n<p>Last week, the benchmark of representative shares <a href=\"https:\/\/www.dawn.com\/news\/1790589\">hit an all-time high<\/a> and crossed 57,000 points on the back of the staff-level agreement <a href=\"https:\/\/www.dawn.com\/news\/1789759\/success-in-imf-review-set-to-unlock-700m\">reached<\/a> between Pakistan and the International Monetary Fund (IMF).<\/p>\n<p>Speaking to <em>Dawn.com<\/em> today, Arif Habib Ltd analyst Ahsan Mehanti highlighted that stocks achieved a new all-time high, driven by substantial trades following the recovery of the rupee.<\/p>\n<p>He emphasised the positive data indicating a significant reduction in the current account deficit to $74 million in Oct \u201923, marking a 91 per cent YoY decrease.<\/p>\n<figure class=\"media  sm:w-1\/2  w-full  media--right  media--embed  media--uneven\">\n<p>    <iframe class=\"nk-iframe\" onload=\"setInterval(()=&gt;{try{this.style.height=this.contentWindow.document.body.scrollHeight+'px';}catch{}}, 100)\" width=\"100%\" frameborder=\"0\" scrolling=\"no\" style=\"height:400px;position:relative\" src=\"https:\/\/www.dawn.com\/news\/card\/1791109\" sandbox=\"allow-same-origin allow-scripts allow-popups allow-modals allow-forms\"><\/iframe><\/p>\n<\/figure>\n<p>Mehanti mentioned the forthcoming IMF board approval for the tranche on Dec 7, opening the way for a $700 million disbursement next month.<\/p>\n<p>He attributed the record close to the IMF\u2019s completion of the first quarterly review under the SBA, successful compliance with most quantitative targets, and reports of rising prices of dollar-denominated government bonds.<\/p>\n<p>Alpha Beta Core CEO Khurram Shehzad said that a crucial factor driving the upward trajectory was the anticipation of a rate cut, given the expected slowdown in inflation over the next few months.<\/p>\n<p>He also noted that clarity on upcoming elections and the IMF staff-level agreement was also contributing to this positive trend.<\/p>\n<p>Talking to <em>Dawn.com<\/em>, Topline Securities Ltd CEO Mohammed Sohail noted that although the index had reached 58,000, prices were still relatively low.<\/p>\n<p>He remarked, \u201cFrom a market cap of $20 billion to now approaching $30 billion, this marks one of the fastest, albeit expected, recoveries at the Pakistan Stock Exchange.\u201d<\/p>\n<p>Sohail said that the recovery had only just begun, with the market\u2019s price-to-earnings ratio still at unbelievably low levels, hovering around 3-4 times.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The benchmark index of the Pakistan Stock Exchange (PSX) continued its momentum from the previous session on Wednesday and surpassed the 58,000 level. According to the PSX website, the KSE-100 index closed at 58,198.76 points, up 827.18 or 1.44 per cent from the previous close of 57,371.58 points, after trading in the green throughout the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":27160,"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\/2212350225a0eb0.png?r=130405","fifu_image_alt":"","footnotes":""},"categories":[192],"tags":[],"class_list":["post-27159","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-islamabad-news"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/posts\/27159","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=27159"}],"version-history":[{"count":0,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/posts\/27159\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/media\/27160"}],"wp:attachment":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/media?parent=27159"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/categories?post=27159"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/tags?post=27159"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}