PSX sails to new high, crosses 59,000 points during intraday trade

KARACHI: The Pakistan Stock Exchange (PSX) Friday continued its upward trend as the KSE-100 index crossed the 59,000 barrier for the first time in its history during intraday trading. 

According to the PSX website, the benchmark index reached 59,397.44 points, up by 497.60 points or 0.84% at 10:24am as compared to yesterday’s close of 58,899.84 points.

Speaking to Geo.tv, Head of Equities at Intermarket Securities Raza Jafri said: “The market continues to make new highs on tailwinds provided by the government’s strong focus on the economy and reasonably well-managed risks for now.” 

He further said that the valuations remain attractive despite the rally, crediting the resumption of foreign buying as the key driver behind the increase. 

A day earlier, Asia’s best-performing KSE-100 index rose 1.2% on a robust economic outlook, shrinking current account deficit, and government efforts to resolve power sector circular debt, said analyst Ahsan Mehanti.

“The surging exports, ongoing rupee recovery, projections on falling interest rates and improving foreign exchange reserves following the International Monetary Fund’s (IMF) disbursement of the next tranche played a catalytic role in the record close.”

Analyst Ali Najib at Topline Securities said the equities witnessed an unstoppable bull run where the benchmark index further gained over 1%.