Despite the numerous actions the government has taken in recent months, the nation’s economy is still growing.
The extraordinary rise in equities in recent years is evidence that the economic “turnaround” has given investors cause for optimism.
As market participants eagerly made investments, the KSE-100 index crossed the 115,000 level on Friday, the penultimate working day of the current week on the Pakistan Stock Exchange (PSX). The stocks gained strength on the 13th consecutive day, highlighting improvement in the country’s economy.
During early hours of trading, stocks climbed to 115,172 with a gain of 600 points.
The Pakistan Stock Exchange (PSX) reached its peak by surging above 114,000 points on Thursday. It has been over a month since the surge began.
The figure jumped by a substantial 2,500 points to 113,374 points during Thursday’s session. The KSE-100 index closed at 114,180, up 3,370 points, after surpassing 114,000 points later in the day.
On Wednesday, stocks closed at 111,810.
FLOW AND EBB
The market had a sharp bearish rise a few days ago, but it was short-lived as bullish momentum returned. The benchmark KSE-100 index gained more than 2,000 points and is currently sitting around 111,000. It was in opposition to the close of 108,896 points the day before.
CUT THE rating ON THE CARDS
The proverbial bulls have been galloping for the past month or so thanks to the financial infusion from the International Monetary Fund’s loan disbursement and more discussions on climate funding.
The impending policy rate cut meeting of the SBP is another factor contributing to the current market attitude. The Monetary Policy Committee of the Central Bank is scheduled to convene on Monday, December 16.
On November 30, the Pakistan Stock Exchange (PSX) achieved a historic milestone by reaching a record-breaking high of 100,000 points following an unheard-of run of gains.
