Wishaaq Hussain
Member
The Pakistan Stock Exchange (PSX) reached a historic milestone as the KSE-100 index surpassed the 59,000 mark for the first time during intraday trading. At 10:24 am, the benchmark index stood at 59,397.44 points, marking a gain of 497.60 points or 0.84% from the previous day's closing figure of 58,899.84 points.
Raza Jafri, Head of Equities at Intermarket Securities, attributed the market's continuous surge to the government's strong economic focus and well-managed risks. Despite the rally, Jafri mentioned that market valuations remain attractive, with the resurgence in foreign investment playing a crucial role in driving the surge.
The KSE-100 index, recognized as Asia's top-performing index, experienced a 1.2% rise earlier, fueled by an optimistic economic outlook, a narrowing current account deficit, and government initiatives to address circular debt in the power sector, according to analyst Ahsan Mehanti. Mehanti highlighted factors such as a significant increase in exports, ongoing rupee stabilization, expectations of declining interest rates, and strengthened foreign reserves post the disbursement of the next tranche by the International Monetary Fund contributing to the record-breaking closure.
Ali Najib, an analyst from Topline Securities, echoed this sentiment, noting the unstoppable momentum in equities, with the benchmark index surging by over 1%.
Raza Jafri, Head of Equities at Intermarket Securities, attributed the market's continuous surge to the government's strong economic focus and well-managed risks. Despite the rally, Jafri mentioned that market valuations remain attractive, with the resurgence in foreign investment playing a crucial role in driving the surge.
The KSE-100 index, recognized as Asia's top-performing index, experienced a 1.2% rise earlier, fueled by an optimistic economic outlook, a narrowing current account deficit, and government initiatives to address circular debt in the power sector, according to analyst Ahsan Mehanti. Mehanti highlighted factors such as a significant increase in exports, ongoing rupee stabilization, expectations of declining interest rates, and strengthened foreign reserves post the disbursement of the next tranche by the International Monetary Fund contributing to the record-breaking closure.
Ali Najib, an analyst from Topline Securities, echoed this sentiment, noting the unstoppable momentum in equities, with the benchmark index surging by over 1%.