KARACHI: On Thursday, the KSE-100 index, a benchmark for the Pakistan stock market, experienced a significant surge, reaching over 49,000 points for the first time since June 2017 when it hit 49,527 points.
At 11:30 AM, the index reached a peak of 49,404 points, after opening at 48,764 points earlier in the day. However, it later cooled down to 49,232 points by 12:15 PM.
According to Arif Habib Limited (AHL), the market has shown remarkable growth, gaining 7,686 points or 18.5 percent since Pakistan’s Stand-By Agreement with the International Monetary Fund (IMF) in July.
AHL also mentioned that if the index falls below 48,562 points, it could lead to weakness, potentially reaching levels between 48,445 and 48,340 points. The market is experiencing high volatility due to being overbought, and profit-taking activities might cause some fluctuations.
In July 2023, the main board of the Pakistan stock market demonstrated exceptional performance, making it one of the best-performing stock markets globally.
Currently, there is strong momentum in blue-chip stocks, and the Banking and Oil & Exploration sectors continue to attract significant interest from investors.
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