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.
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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.