The Pakistan Stock Exchange (PSX) broke above the 81,000-point mark thanks to vigorous purchasing from both domestic and foreign investors, as well as institutional backing.
The PSX’s benchmark KSE-100 index increased by 483.98 points, or 0.6%, to 81,050.18 points during intraday trading at 11:40 a.m., up from the previous session’s finish of 80,566.20.
Analyst Ahsan Mehanti of Arif Habib Corp told local media that stocks have reached all-time highs as investors weigh the privatisation of state-owned enterprises (SOEs) following Prime Minister Shehbaz Sharif’s assurance to hold the Pakistan International Airlines (PIA) bidding process in August.
Mehanti also attributed the rise to the rupee’s rebound versus the dollar, as well as investors’ expectations for a new International Monetary Fund (IMF) pact.
“Easy SBP (State Bank of Pakistan) policy rates served an important role in bullish activity at PSX,” stated Mr. Shah.
Khurram Schehzad, CEO and economic analyst at Alpha Beta Core, stated that the “soon-to-begin IMF negotiations for the new larger and longer program has given markets confidence in financial reform and more stability in the industry.”
“As a result, market remains inexpensive on multiples so investors continuing to take exposures,” according to him.
A day earlier, stocks rose 353.41 points, or 0.44%, to end at 80,566.21 points.
