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PSX crosses 62,000 mark with a gain of over 700 points

PSX crosses 62,000 mark with a gain of over 700 points

A stock broker can be seen speaking on call while looking at his screen. — AFP/File

KARACHI: The Pakistan Stock Exchange (PSX) maintained a positive trend on Monday with a gain of over 700 points as the benchmark index crossed the 62,000 milestone. 

According to the PSX website, the KSE-100 index gained 701.86 points or 1.14% to reach 62,393.11 points during the intraday trading at 10:24am. 

KSE-100 index. — PSX website
KSE-100 index. — PSX website

Raza Jafri, head of equity at Intermarket Securities, said that despite the Consumer Price Index (CPI) for November, some market participants still expect a rate cut in next week’s Monetary Policy Committee’s (MPC) meeting. 

He added that cheap energy stocks were also attracting interest in hopes of improvement in circular debt, adding that there is “still a lot of room for money to rotate from fixed income into equities and it may have started to happen”. 

Stocks ended the week on a triumphant note, with the benchmark index clinching a fresh all-time high on Friday, buoyed by a surge in foreign portfolio investment and a series of encouraging economic indicators, including a strengthened rupee following the rollover of a $3 billion deposit by Saudi Arabia.

The KSE-100 index leapt by 1,160 points, or 1.92%, to close at 61,691 points, after maintaining a positive trajectory throughout the day. 

“Stocks closed a new all-time high amid rupee stability after Saudi deposit rollover, strong key economic data and surging foreign portfolio investment,” said analyst Ahsan Mehanti at Arif Habib Limited. 

“The reports of $30 million net FIPI over 6 year high during November 2023, and government deliberations over privatization of ailing SOEs played a catalytic role in the record close.”

More to follow…

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