The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index shortly soared above the 50,000 point mark on Tuesday, marking a resurgence that analysts say has not been witnessed for six years.
The KSE-100 index recorded a high of 50,017.45 points in the afternoon on Tuesday before slightly receding to 49,787.57 points two hours later.
Brokerage firm Arif Habib Limited shared this development, highlighting a robust intraday gain of 286 points (equating to 0.58 percent), pushing the KSE-100 index above the 50,000-point threshold. This level was last witnessed on June 7, 2017.
Index-heavy sectors, such as automobile assemblers, commercial banks, cement, chemicals, oil marketing companies (OMCs), and oil and gas exploration firms, displayed a varied trend.
The head of equity at a prominent brokerage firm said that investors are closely monitoring the government’s focus on revitalizing the economy and strengthening of Pakistani rupee. This positive economic outlook is fostering expectations that interest rates may have reached their peak, indicating potential benefits for the stock market.
After hitting a record low of 307.1 in the inter-bank market on September 5, the local currency embarked on one of its lengthiest periods of appreciation.
This remarkable turnaround can be attributed primarily to intensified efforts against smuggling and the implementation of stricter controls within the Exchange Companies (ECs) sector.
hope it goes up further