KARACHI: The Pakistan Stock Exchange (PSX) saw a resurgence of bullish activity as the KSE-100 Index surged by almost 500 points on Tuesday’s trading session.
By 1:55pm, the benchmark index had reached 66,496.21, marking a notable increase of 483.89 points, equivalent to 0.73%.
The uptrend notably impacted key sectors such as cement, fertilizer, oil and gas exploration, OMCs, refinery, and power generation, showcasing a positive trajectory. However, the automobile and commercial bank sectors experienced a varied performance during this period.
After a 7-session rally, Monday witnessed a downturn in the benchmark KSE-100 Index, closing 211 points lower due to profit-taking, notably in banking, OMC, and power sectors, settling at 66,012.33.
Today’s bullish trend is attributed to positive overall economic indicators, with investor focus on the upcoming International Monetary Fund (IMF) executive board meeting on Jan 11, 2024.
Simultaneously, the State Bank of Pakistan’s (SBP) Monetary Policy Committee (MPC) is convening today, widely expected to maintain the key interest rate set in the last three meetings after a record-high increase to 22% in June.
Market experts suggest that the Pakistani interest rates have likely reached their peak, and investor confidence is bolstered by the anticipated successful conclusion of the IMF program, positively impacting stock markets and the currency.
