PSX reaches all-time high on positive macros

A trader is seen at the Pakistan Stock Exchange (PSX) building in Karachi.  - ppi/files
A trader is seen at the Pakistan Stock Exchange (PSX) building in Karachi. – ppi/files

KARACHI: Buoyed by positive signals including hopes of getting the International Monetary Fund (IMF) review approved, the Pakistan Stock Exchange (PSX) on Friday surged over 400 points to its all-time high, breaching the 53,000 barrier.

At present the market is at 53,111.30 points with a gain of 454.54 i.e. 0.86% points. This is the first time the KSE-100 index has crossed the 53,000 mark.

Benchmark KSE-100 index.  - PSX Data Portal
Benchmark KSE-100 index. – PSX Data Portal

Arif Habib Ltd. wrote on

Capital market expert Saad Ali told jio.tv Markets remained bullish on easing political risks, macro indicators moving in the right direction, expectations of a favorable IMF review and expectations of a rate cut in the near term.

“However, the market remains cheap by historical standards at just 4x forward earnings,” he said.

Pakistan-Kuwait research head Samiullah Tariq told Jio.TV: “Strong earnings, expectations of approval of the IMF review and expectations of future decline in interest rates are driving the market.”

In October, the KSE-100 index was declared the world’s third best performing market as it touched a six-year high of 51,920 points.

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