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PSX crosses 59,000 milestone
Continuing its bull run from the preceding sessions, the benchmark index of the Pakistan Stock Exchange (PSX) hit yet another all-time high on Friday and crossed the 59,000 milestone. According to the PSX website, the KSE-100 index closed at 59,086.35 points, up 186.51 or 0.32 per cent from the previous close of 58,899.84. The benchmark […]
Continuing its bull run from the preceding sessions, the benchmark index of the Pakistan Stock Exchange (PSX) hit yet another all-time high on Friday and crossed the 59,000 milestone. According to the PSX website, the KSE-100 index closed at 59,086.35 points, up 186.51 or 0.32 per cent from the previous close of 58,899.84. The benchmark of representative shares has recorded steady gains throughout the week, thanks to the improving macroeconomic outlook following the successful review of the International Monetary Fund (IMF) programme. The IMF funds, expected to be issued next month after the lender’s executive board meeting, are a second tranche of the nine-month bailout package. This will bring total disbursements under the $3bn package, approved in July, to almost $1.9bn. Raja Jafri, head of equities at Intermarket Securities Ltd, attributed the rally to the return of foreign institutional buying. “Despite the recent sharp rally, valuations remain attractive. The government has due focus on the economy and risks seem well-managed for now,” he said, adding that the completion of the IT export policy had galvanised the tech sector particularly. Mohammed Sohail, chief executive of Topline securities, was of the opinion that the stock market was catching up on the losses of the last few years.
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