KARACHI: The Pakistan Stock Exchange (PSX) witnessed a remarkable surge as the benchmark KSE-100 Index exceeded the 53,000 mark during intra-day trading, surpassing the previous record set in May 2017. At around 10:45 a.m., the index reached an all-time high of 53,140.65, gaining 483.89 points or 0.92%.
This surge follows four consecutive sessions of the KSE-100 Index closing higher, ending at 52,656.76 on Thursday, up 314.12 points or 0.60%. The positive momentum is attributed to various factors, including the favorable outcomes of the first review of the International Monetary Fund’s (IMF) $3 billion Stand-by-Arrangement (SBA).
The IMF’s recognition of government measures has boosted confidence, along with the Election Commission of Pakistan (ECP) announcing the election date, strong corporate results, and reports of the International Finance Corporation (IFC) committing over $1.5 billion to Pakistan’s economy.
Market experts anticipate that the bullish run will persist, especially if the IMF review proves successful, potentially leading to additional inflows. The IMF staff-level mission’s discussions with caretaker Finance Minister Dr. Shamshad Akhtar have set the stage for technical-level discussions, a development welcomed by market participants.
Despite the record intra-day high, Topline Securities CEO Mohammed Sohail highlights that valuations remain relatively low. He emphasizes that a reduction in economic and political uncertainties could propel the market to new highs.
