PSX hits new milestone as KSE-100 index jumps past 55,000 mark


A stockbroker monitors the share prices during a trading session at the Pakistan Stock Exchange (PSX) in Karachi on May 16, 2022. — AFP

KARACHI: The Pakistan Stock Exchange (PSX) started the day on a positive note as it jumped past the 55,000 barrier during the intraday trading on Friday, setting a new milestone. 

The KSE-100 index reached 55,253.19 points, up by 991.77 or 1.83% from the previous close of 54,261.42 at around 10:10am. 

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

According to Arif Habib Limited on X, formerly Twitter, the KSE-100 index crossed the 55,000 level trading to reach at an all time high. 

Speaking to, Arif Habib Limited (AHL) Head of Research Tahir Abbas said that the expectations of getting through with the International Monetary Fund’s (IMF) first review have driven the market. 

“Moreover, peaking out inflation and interest rates alongside expected monetary easing, and attractive valuations despite the market being at an all-time high is garnering investors sentiment at the local bourse,” he added.

Head of Equities at Intermarket Securities Raza Jafri said the KSE-100 continues to make new highs on strong domestic institutional buying and reducing Pakistan Investment Bond (PIB) yields. 

He also attributed the increase to higher weight for Pakistan in coming review by global index provider MSCI and the high dividend yielding stocks. 

“The ongoing IMF review is the next key checkpoint,” he added. 

More to follow…


Source link

Leave a Reply

Your email address will not be published. Required fields are marked *