The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index surged past the 53,000 level on Friday, surpassing the all-time high of 53,127.24 reached in May 2017 during intra-day trading.
In the afternoon on Friday, the KSE-100 Index was recorded at 53,140.65, marking the highest intra-day level ever recorded, with a gain of 483.89 points or 0.92 percent during the day. The previous intra-day high was 53,127.24 on May 25, 2017.
The KSE-100 Index has never closed above 53,000, with its highest closing at 52,876.46 on May 24, 2017.
On Thursday, the PSX’s benchmark index closed higher for the fourth consecutive session at 52,656.76, reflecting a 0.60 percent increase. Whereas, on Friday, the PSX’s benchmark index closed at 53,123.03.
Market experts attribute the current bullish trend to several factors, including the IMF’s recognition of government measures, the announcement of the date for general elections in Pakistans, strong corporate results, and reports of IFC’s commitment to inject over $1.5 billion into Pakistan’s economy.
Experts highlighted the KSE-100’s all-time high after 6.5 years and the low valuations at 4 times earnings compared to a PE of 12 in 2017. They suggested that reducing economic and political uncertainties could propel the market to new highs.
The KSE-100 Index has shown remarkable strength, surging beyond the 53,000 mark and reaching a new all-time high. This impressive performance reflects investor confidence and positive sentiment in the market, driven by factors such as strong corporate earnings, improved economic indicators, and overall optimism. However, it also underscores the need for careful monitoring and risk management as the market reaches unprecedented levels, with investors keeping a watchful eye on potential fluctuations and external influences. I learn somthing new..