KARACHI: On Friday, the Pakistan Stock Exchange’s (PSX) main index, the KSE-100, experienced significant gains of over 500 points, nearly reaching the 46,000 level before closing slightly below it.
During the trading session, the index surged by 675.30 points, reaching 46,073.61 at 3:46 pm, compared to the previous day’s close at 45,398.31. Ultimately, it closed at 45,920.73, still marking a notable increase of 522.42 points, equivalent to 1.15 percent.
The Director of Arif Habib Corporation, Ahsan Mehanti, attributed the market rally to foreign capital flowing into the energy sector and several favorable factors. These factors include positive financial results, the Islamabad High Court’s ruling that declared the imposition of a super tax on various companies as illegal, and reports suggesting that the policy rate would remain stable. These combined conditions led to the index crossing the 46,000 mark for the first time in 15 months.
Salman Naqvi, the head of research at Aba Ali Habib Securities, also acknowledged the market’s positive movement and linked it to the IHC’s verdict on the super tax. He observed an improvement across all sectors and mentioned the “potential” created after the announcement of a standby agreement with the International Monetary Fund (IMF). Naqvi expressed optimism that if the market continued to close above 46,000, it could further increase.
Amir Shehzad, the Director of First National Equities Limited, described the recent market activity as a “technical correction.” He predicted that the market might surpass the 47,000-point milestone in the following week. He emphasized the importance of the central bank’s decision to maintain an unchanged monetary policy, which could have a positive impact on the market and potentially lead to setting new records.
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