<\/p>\n
Continuing its bull run from the preceding sessions, the benchmark index of the Pakistan Stock Exchange (PSX) hit yet another all-time high on Friday and crossed the 59,000 milestone.<\/p>\n
According to the PSX website<\/a>, the KSE-100 index stuck 59,402.82 points at 10am, up 502.98 or 0.85 per cent from the previous close of 58,899.84.<\/p>\n The benchmark of representative shares has recorded steady gains throughout the week, thanks to the improving macroeconomic outlook following the successful review<\/a> of the International Monetary Fund (IMF) programme.<\/p>\n The IMF funds, expected<\/a> to be issued next month after the lender\u2019s executive board board meeting, are a second tranche of the nine-month bailout package. This will bring total disbursements under the $3bn package, approved<\/a> in July, to almost $1.9bn.<\/p>\n Speaking to Dawn.com<\/em> today, Raja Jafri, head of equities at Intermarket Securities Ltd, attributed the rally to the return of foreign institutional buying.<\/p>\n \u201cDespite the recent sharp rally, valuations remain attractive. The government has due focus on the economy and risks seem well-managed for now,\u201d he said, adding that the completion of the IT export policy had galvanised the tech sector particularly.<\/p>\n Mohammed Sohail, chief executive of Topline securities, was of the opinion that the stock market was catching up on the losses of the last few years.<\/p>\n \u201cThe finance minister\u2019s remarks that the government is looking to get $1.5 billion after the IMF tranche is helping sentiments,\u201d he added.<\/p>\n Meanwhile, JS Global equity sales head Syed Faran Rizvi said the Pakistani market\u2019s future performance hinges on the crucial indicator of declining oil prices.<\/p>\n \u201cFrom a technical standpoint, the upside target for the index stays consistent at 59,294,\u201d he pointed out.<\/p>\n However, Rizvi cautioned that on the downside, support was anticipated in the range of 58,450-58,700 levels, with a subsequent level at 58,246 \u2014 a breach below this point might trigger a corrective trend.<\/p>\n More to follow<\/em><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":" Continuing its bull run from the preceding sessions, the benchmark index of the Pakistan Stock Exchange (PSX) hit yet another all-time high on Friday and crossed the 59,000 milestone. According to the PSX website, the KSE-100 index stuck 59,402.82 points at 10am, up 502.98 or 0.85 per cent from the previous close of 58,899.84. The […]<\/p>\n","protected":false},"author":2,"featured_media":27912,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"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\/2409423446ad7d0.png?r=094300","fifu_image_alt":"","footnotes":""},"categories":[13],"tags":[],"class_list":["post-27911","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news"],"acf":[],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t