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Saturday, March 02, 2024  
21 Shaban 1445  

KSE-100 hits 6-year high after polls date announcement

Market experts attribute the current bullish run to several factors.
AFP
AFP

The Pakistan Stock Exchange (PSX) benchmark KSE-100 Index surged beyond the 53,000 mark on Friday surpassing the previous all-time high of 53,127.24 recorded in May 2017 during intra-day trading.

Around 10:45 a.m., the KSE-100 Index reached 53,140.65, marking an all-time high for intra-day trading. On that day, the index gained 483.89 points or 0.92%.

The KSE-100 Index had previously reached an intra-day peak of 53,127.24 on May 25, 2017, but it has never closed above the 53,000 mark. Its highest closing was 52,876.46 on May 24, 2017.

Thursday saw the KSE-100 Index closing higher for the fourth consecutive session, ending at 52,656.76, up 314.12 points or 0.60%. This bullish momentum was bolstered by the positive outcomes of the first review of the International Monetary Fund’s (IMF) $3 billion Stand-by-Arrangement (SBA).

Market experts attribute the current bullish run to several factors.

IMF’s acknowledgment of government measures has created a positive sentiment at the bourse and the announcement of the election date by the Election Commission of Pakistan (ECP), strong corporate results, and reports of the International Finance Corporation’s (IFC) commitment to inject over $1.5 billion into Pakistan’s economy are driving the bullish run.

The analyst anticipates that the momentum will continue, especially if the IMF review is successful, which could lead to additional inflows.

The IMF staff-level mission held discussions with the caretaker Finance Minister Dr. Shamshad Akhtar, setting the stage for technical-level discussions.

Market participants have welcomed this development as the PSX, which has been under pressure for various reasons, stages a recovery.

Topline Securities CEO Mohammed Sohail emphasized that even as the KSE-100 reached a record intra-day high, valuations remain relatively low. He noted, “Reduction in economic and political uncertainties can take this market to new highs.”

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