Connect with us

Business

PSX starts 2024 in green as KSE-100 surges by over 2,000 points

Published

12 months ago

on

KARACHI: The Pakistan Stock Exchange (PSX) started the new year on a positive note as it began trading in the green zone with a surge of over 2,000 points. 

The benchmark KSE-100 index on Monday reached 64,475.21 points, up by 2,024.17 points or 3.24% from the previous close of 62,451.04 points. 

KSE-100 index. — PSX website
KSE-100 index. — PSX website 

Head of Equities at Intermarket Securities, Raza Jafri, attributes the surge to energy stocks on expectations of dividend payouts as the result season approaches with the government looking serious about addressing circular debt.

“There are also expectations of greater institutional flows into equities with monetary easing expected to commence within the next few months,” Jafri told Geo.tv. 

On the last trading session of 2023, stocks gained 0.64% as investors cheered the rise in foreign exchange reserves and the inflow of loans from multilateral lenders, The News reported on Saturday citing analysts. 

The market was buoyed by the central bank’s announcement that its foreign exchange reserves increased by $853 million to $7.8 billion in the week ending December 22, thanks to financial support from bilateral and multilateral sources.

‘Best year since 2010’

Meanwhile, the PSX capped its best year since 2010 as the KSE-100 index ended 2023 with a 55% gain, the third-best among global markets in local currency terms. 

The index also rose 24% in dollar terms, outpacing the MSCI Emerging Markets Index, which gained 18%.

Looking ahead, analysts were optimistic about the prospects of the market in 2024, as they expect the International Monetary Fund’s (IMF) program to continue, the currency to remain stable, the interest rates to decline, the earnings to grow, and the valuations to improve.

“We expect the local bourse to remain in the green zone,” stated brokerage Arif Habib Ltd. 

“Moreover, we expect an influx of fresh liquidity amid the January effect. Moreover, the scrips are trading at attractive valuations, and are expected to further boost positive sentiment at the index.”

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

In interbank trade, the Pakistani rupee beats the US dollar.

Published

6 days ago

on

By

In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

Continue Reading

Business

Phase II of CPEC: China-Pakistan Partnership Enters a New Era

Published

1 week ago

on

By

The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.

Continue Reading

Business

The inflation rate in Pakistan dropped to its lowest level.

Published

1 week ago

on

By

On December 2, core inflation as determined by the Consumer Price Index (CPI) significantly slowed, falling to 4.9% in November 2024 from 7.2 percent in October 2024.

The CPI-based inflation rate for the same month last year (November 2023) was 29.2%, according to PBS data.

Compared to a 1.2% gain in the prior month, it increased by 0.5% month over month in November 2024.

Continue Reading

Trending