The bullish momentum persisted on the Pakistan Stock Exchange (PSX) as the benchmark KSE-100 Index recorded a gain of over 1% in Thursday’s trading session.
Closing at 58,899.84, the benchmark index rose by 701.08 points or 1.2%. At 3 pm, it stood at 58,909.25, reflecting an increase of 710.49 points or 1.22%.
Various sectors, including automobile assemblers, cement, chemical, commercial banks, fertilizer, oil and gas exploration companies, OMCs, and pharmaceuticals, contributed to the across-the-board buying trend.
On the preceding day, the benchmark index achieved a historic milestone by surpassing the 58,000 level for the first time, settling at 58,198.76, up by 827.17 points or 1.44%.
The current bullish trend aligns with the positive trajectory of Pakistan’s economic indicators and the successful negotiations of the interim government with the International Monetary Fund (IMF) for the first review, unlocking $700 million in funding.
Analyst Sana Tawfik from Arif Habib Limited (AHL) mentioned the market’s anticipation of a potential interest rate decline in the upcoming Monetary Policy Committee (MPC) meeting. This expected decline could redirect liquidity from fixed income to equities. Tawfik also highlighted the overall improvement in economic indicators, citing a decrease in the current account deficit and meager growth in the Large Scale Manufacturing (LSM) Index. She emphasized that attractive valuations and the anticipated release of the IMF tranche in early December would further strengthen the stock market.
However, on the currency front, the Pakistani rupee concluded its five-session appreciation against the US dollar by losing 0.05% in the inter-bank market on Thursday. According to the State Bank of Pakistan, the local currency settled at 285.27, marking a decrease of Re0.66.
Pakistan Seeks Action Against TTP’s Safe Havens In Afghanistan
Meanwhile, the Ministry of Foreign Affairs urged immediate action against the Tehreek-e-Taliban Pakistan (TTP), emphasizing their operations from their safe havens within Afghanistan.
FO representative Mumtaz Zahra Baloch stressed the Afghan government’s role in addressing the TTP’s activities, expressing concern about ongoing terrorist acts from Afghanistan into Pakistan.
