KARACHI: The Pakistan Stock Exchange (PSX) on Friday started the day on a positive note as the benchmark index achieved the 66,000 milestone by gaining over 1,000 points.
According to the PSX website, the KSE-100 index gained 1,302.45 points or 2.01% to reach 66,020.52 points at 11:39am during the intraday trading.
Raza Jafri, who is the head of equities at Karachi-based Intermarket Securities, said that the banks and energy sector lead the rally at the bourse as cheap valuations and a reasonably settled environment help flows remain strong as foreign and local buys continue to invest.
“The MPC (Monetary Policy Meeting) next week should set the tone for near-term trading. While unchanged interest rates are widely expected, investors will look for clues in the text of the monetary policy statement to gauge how much interest rates can come down by next year,” he added.
In an address at a ceremony at the PSX, caretaker Prime Minister Anwaar-ul-Haq Kakar said that the investors had regained confidence after the successful signing of a standby agreement with the International Monetary Fund (IMF), the execution of the annual budget 2023-24, and improvement in the fiscal and external accounts.
The prime minister, addressing the ceremony marking the first auction of the Government Ijarah Sukook bonds issued by the PSX, said it was the collective responsibility of the stock brokers, SECP, and other participants to promote upcoming primary market auctions to market it a remarkable achievement for the entire market ecosystem.
Prime Minister Kakar said the bullish sentiment in the stock exchange was made possible by an improved economy, the participation of foreign investors, a high yield, and a stable exchange rate.
He said the capital market provided fuel for businesses to expand, create jobs, and contribute to the overall development of society.
More to follow…