KARACHI: On Thursday, the KSE-100 Index of the Pakistan Stock Exchange continued its upward trajectory, surging by over 600 points during trading hours.
By 10:55 am, the benchmark stood at 64,547.78, marking a significant uptick of 630.06 points or 0.99%. Notably, robust buying activity was observed across key sectors such as cement, chemicals, commercial banks, fertilizers, OMCs, and power generation and distribution.
The PSX experienced another buoyant session on Wednesday, with the benchmark KSE-100 closing at 63,917.72, marking a robust increase of 961.70 points or 1.53%.
This sustained upward movement follows improvements in economic indicators subsequent to the recent agreement between Pakistan and the International Monetary Fund (IMF) on the first review of the Stand-By Agreement (SBA). Anticipation is high among market participants and the government for an IMF board approval this month, heralding potential inflows from various multilateral and bilateral partners.
Topline Securities highlighted that maintaining this positive sentiment could prompt companies to seek external capital, potentially leading to increased applications for listing on the PSX in 2024.
The KSE-100 has surged almost 60% in 2023, largely propelled by Pakistan’s agreement with the IMF in June and the perceived stabilization of interest rates and exchange rates in recent months. This positive trend has instilled a growing confidence that the economy’s challenging times may be behind us.
