KARACHI: On Thursday, the Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index surpassed the 47,000 level for the first time since November 2021.
The index reached an intraday peak of 47,393.47 points, eventually settling at 47,076.99 points after a gain of 394.47 points.
Arif Habib Limited reported that the market has seen a substantial increase of 5,624 points (equivalent to 13.6 percent) since reaching a staff level agreement with the International Monetary Fund (IMF) on June 29.
Mohammed Sohail, the CEO of Topline Securities, attributed the rally to several key factors, including the IMF deal, the influx of dollars from friendly nations, growing foreign exchange reserves, and a decline in inflation. He also noted that foreign portfolio investors have returned, with foreign corporates showing a net buying of around $18 million in July.
This positive development was also acknowledged by Finance Minister Ishaq Dar through a tweet.
