PSX sets new record as KSE-100 crosses 63,000 mark

KARACHI: Bulls on Monday gripped the Pakistan Stock Exchange (PSX) as the benchmark index achieved a new milestone by crossing the 63,000 mark for the first time. 

According to the PSX website, the benchmark KSE-100 index gained 447.13 points or 0.71% to reach 63,403.15 points during the intraday trading at 10:59am. 

Pakistan-Kuwait Head of Research, Samiullah Tariq, told Geo.tv that major catalysts for the recent bull run in the equity market include strong profitability, attractive valuation, and expectations of a reduction in interest rate — scheduled to be announced on December 12.

He added that the “market should remain bullish in the coming days”.  

A day earlier, stocks were boosted by expectations of improved economic conditions following signs of progress in securing financial support from the International Monetary Fund (IMF) and friendly countries. 

Benchmark KSE-100 index rose 0.74% or 463 points to close at 62,956 points. 

Investors were confident about the outlook for the economy, which has shown some improvement in key indicators such as trade deficit, remittances and exports. The local currency also remained stable and gained for the sixth consecutive session.

“There is a positive sentiment in the market, driven by optimistic expectations of an improved economic landscape,” said analyst Naveed Nadeem at Topline Securities. 

“This positive outlook is supported by anticipated financial inflows from the IMF and friendly countries. Additionally, there is speculation about a potential reduction in interest rates in the upcoming monetary policy committee meeting, further enhancing the positive environment.”