PSX surpasses 166,000 points to hit new high

Pakistan Stock Exchange (PSX) achieved another milestone on Tuesday, crossing 166,000 points for the first time in history.

The hundred index surged to an intraday peak of 166,556.29, marking a gain of 2,708.61 points or 1.65 per cent, while its lowest level of the day was 164,208.33, still up by 360.65 points or 0.22pc.

The continued upward trend in the stock exchange reflected the increasing confidence of the trade and business community in the economic policies of the government.

“Strong corporate results and additional liquidity in the market, with a preference for equities, are pushing the market higher,” Samiullah Tariq, head of research and development at Pak Kuwait Investment Company Ltd, told Dawn.com.

This was the third consecutive record-setting streak, with the benchmark KSE 100 index soaring to an all-time high of 163,847 points, up 1,590 points or 0.98pc on Monday. The rally, which pushed the index closer to the 164,000 mark, was largely driven by aggressive local mutual fund buying and institutional inflows.

Earlier this week, the stock market index crossed the 162,000-point threshold for the first time, buoyed by a series of geopolitical and economic developments. These included the signing of a Rs1.275tr financing facility with 18 commercial banks to address the power sector’s circular debt, and a strategic defence agreement with Saudi Arabia that raised hopes of enhanced bilateral trade and financial support.

Yousuf M. Farooq, director of research at Chase Securities, said, “The market is firmly in its optimism phase, supported by signs of an economic recovery and a steadily improving geopolitical news flow.

“The rally is being powered by fresh retail participation alongside sustained mutual fund inflows, lifting breadth and turnover. With positioning constructive, all eyes are now on the ongoing International Monetary Fund (IMF) review, which most participants expect to conclude smoothly — keeping risk appetite intact unless any surprises emerge.”

As the government enters the crucial stage of negotiations with the IMF, market participants remain hopeful that any progress on the review will strengthen investor confidence. However, concerns linger regarding the ongoing review and its impact on Pakistan’s fiscal stability, with some analysts noting that achieving targets set by the IMF remains a challenging task.

The ongoing IMF review continues to cast a shadow over market sentiment.

from Dawn - Home https://ift.tt/mlQGXZv

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