{"id":46563,"date":"2024-01-11T11:25:06","date_gmt":"2024-01-11T11:25:06","guid":{"rendered":"https:\/\/news.pakistaninewspaperlist.com\/bulls-return-as-shares-at-psx-climb-over-600-points\/"},"modified":"2024-01-11T11:25:06","modified_gmt":"2024-01-11T11:25:06","slug":"bulls-return-as-shares-at-psx-climb-over-600-points","status":"publish","type":"post","link":"https:\/\/pakistaninewspaperlist.com\/news\/bulls-return-as-shares-at-psx-climb-over-600-points\/","title":{"rendered":"Bulls return as shares at PSX climb over 600 points"},"content":{"rendered":"

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Shares at the Pakistan Stock Exchange (PSX) returned to trading in the green on Thursday, gaining more than 600 points.<\/p>\n

According to the PSX website<\/a>, the KSE-100 index closed at 64,617.56, up by 697.72 or 1.09 pc, from the previous close of 63,919.84 points.<\/p>\n

Raza Jafri, head of equities at Intermarket Securities, said that the the market had reacted positively to \u201cencouraging data\u201d of healthy remittances and lower T-bill auction yields.<\/p>\n

This was coupled with growing positive sentiment \u201cprompted by corporate events, such as Mari Petroleum hitting its upper circuit after announcing a decent sized gas discovery\u201d, he added.<\/p>\n

Additionally, Jafri also noted that the meeting of the International Monetary Fund\u2019s (IMF) executive board on the first review of the country\u2019s $3 billion programme was also set for later today.<\/p>\n

Speaking to Dawn.com<\/em>, Yousuf M. Farooq, director of research at Chase Securities, credited the upward trajectory to \u201cexpectations of a smooth conclusion to the IMF review\u201d.<\/p>\n

Moreover, he highlighted that bonds had surged \u2014 with a significant drop in one-year bond yield \u2014 which now stood at 20.85pc. He added that the anticipation of interest rate cuts, due to controlled inflation and a stable current account, had \u201cbolstered market confidence\u201d.<\/p>\n

However, he cautioned that \u201clingering election uncertainty may contribute to on-going investor concerns\u201d.<\/p>\n

Mohammed Sohail, chief executive of Topline Securities, attributed today\u2019s rally to falling yields on T-bills, saying it had \u201cincreased chances of an interest rate cut in the future\u201d.<\/p>\n

On Wednesday, bearish sentiments persisted<\/a> in the stock market for the fifth consecutive session mainly due to pre-poll uncertainty which drag\u00adged the benchmark KSE-100 index below the 64,000-point level.<\/p>\n

Initially, the index made an intraday high at 64,551 ( a gain of 380.37 points). However, profit-taking at the aforesaid level wiped out early gains. It witnessed an intraday low at 63,874 levels (a loss of 297 points).<\/p>\n

Investors chose to do profit-taking in selective stocks of banks and fertiliser sectors in the backdrop of increasing political noise and the absence of any positive triggers.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Shares at the Pakistan Stock Exchange (PSX) returned to trading in the green on Thursday, gaining more than 600 points. According to the PSX website, the KSE-100 index closed at 64,617.56, up by 697.72 or 1.09 pc, from the previous close of 63,919.84 points. Raza Jafri, head of equities at Intermarket Securities, said that the […]<\/p>\n","protected":false},"author":2,"featured_media":46564,"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\/2024\/01\/111612240859d03.png?r=161237","fifu_image_alt":"","footnotes":""},"categories":[10],"tags":[],"class_list":["post-46563","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-pakistan"],"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