{"id":31384,"date":"2023-12-04T11:20:24","date_gmt":"2023-12-04T11:20:24","guid":{"rendered":"https:\/\/news.pakistaninewspaperlist.com\/1000-point-rally-raises-psx-above-record-62000-level-during-intraday-trade\/"},"modified":"2023-12-04T11:20:24","modified_gmt":"2023-12-04T11:20:24","slug":"1000-point-rally-raises-psx-above-record-62000-level-during-intraday-trade","status":"publish","type":"post","link":"https:\/\/pakistaninewspaperlist.com\/news\/1000-point-rally-raises-psx-above-record-62000-level-during-intraday-trade\/","title":{"rendered":"1,000-point rally raises PSX above record 62,000 level during intraday trade"},"content":{"rendered":"<p><\/p>\n<div dir=\"auto\">\n<p>Maintaining its bullish run from the preceding sessions, the benchmark index of the Pakistan Stock Exchange (PSX) crossed the 62,000 milestone on Monday amid growing clarity in macroeconomic factors.<\/p>\n<p>According to the <a rel=\"noopener noreferrer\" target=\"_blank\" class=\"link--external\" href=\"https:\/\/www.psx.com.pk\/\">PSX website<\/a>, the KSE-100 index reached 62,401.94 at 9:40am, up 710.69 points or 1.15 per cent, from the previous close of 61,691.25. By 1:42pm, trade volume expanded to 62,715 points, or 1.66pc more than yesterday\u2019s close.<\/p>\n<p>The benchmark of representative shares has been recording persistent gains that analysts attribute to improvement in the country\u2019s economic indicators, including foreign exchange reserves of the State Bank of Pakistan that increased by $77 million to $7.2 billion for the week ending on Nov 24 besides the much-anticipated reduction in the policy rate going forward.<\/p>\n<p>Speaking to <em>Dawn.com<\/em> today, JS Global\u2019s Faran Rizvi said: \u201cAnticipating future events, market participants tend to act in advance, perceiving macroeconomic developments.\u201d<\/p>\n<p>He added that the bullish momentum was expected to continue \u201cwith substantial clarity in macroeconomic factors, leading up to the election date\u201d.<\/p>\n<p>Rizvi further noted that foreign investors displayed \u201cheightened interest in Pakistani stocks, evident in the highest injection of funds in six years, reaching $34.5 million in November \u2014 marking the highest level since January 2018\u201d.<\/p>\n<p>Meanwhile, Intermarket Securities Head of Equity Raza Jafri said there was a decent mix of market participants who were anticipating a cut in interest rate, due to be announced after the monetary policy meeting on Dec 12.<\/p>\n<p>However, he highlighted that the major market consensus was on no change in the interest rates.<\/p>\n<p>Jafri added that most PSX activity was reported in \u201ccheap energy names, as monetary easing seems a matter of when and not if\u201d.<\/p>\n<p>Arif Habib Limited analysts noted the bullish momentum to continue well into 2024, stating \u201crobust earnings growth, enticing valuation, substantial domestic liquidity, and comparatively steady economic growth\u201d will make the benchmark index KSE-100 yield an attractive total return of 32pc.<\/p>\n<p>According to a <a rel=\"noopener noreferrer\" target=\"_blank\" class=\"link--external\" href=\"https:\/\/arifhabib.com\/r\/PakistanStrategy2024.pdf\">report<\/a> released today, the projections for 2024 showed a downward trajectory for inflation at 24pc and the start of monetary easing cycle from Jan. It also anticipated the key policy rate to reach 15pc by Dec 24.<\/p>\n<p>However, the analysts cautioned that even with a notable 45pc return, the index remains significantly undervalued across various valuation perspectives.<\/p>\n<hr\/>\n<p><em>More to follow<\/em><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Maintaining its bullish run from the preceding sessions, the benchmark index of the Pakistan Stock Exchange (PSX) crossed the 62,000 milestone on Monday amid growing clarity in macroeconomic factors. According to the PSX website, the KSE-100 index reached 62,401.94 at 9:40am, up 710.69 points or 1.15 per cent, from the previous close of 61,691.25. By [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":31385,"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\/12\/04094421ddd9fc8.png?r=094534","fifu_image_alt":"","footnotes":""},"categories":[13],"tags":[],"class_list":["post-31384","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/posts\/31384","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=31384"}],"version-history":[{"count":0,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/posts\/31384\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/media\/31385"}],"wp:attachment":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/media?parent=31384"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/categories?post=31384"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/tags?post=31384"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}