ISLAMABAD: Bulls regained their dominance at the Pakistan Stock Exchange (PSX) as the KSE-100 index surged past the 61600 points, witnessing a notable leap of over 1,070 points during Friday’s trading session.
By 3:30 pm, the benchmark index had reached the 61600 points, marking an impressive gain of 1070 points or 1.75%.
This upward momentum was spurred by widespread buying across various sectors, notably automobile assemblers, cement, chemicals, commercial banks, oil and gas exploration, OMCs, and the refinery sector, all exhibiting positive trading trends.
The previous day’s closure had seen the KSE-100 Index nearly plateau, settling marginally higher at 60,531.27, indicating a modest 0.05% increase of 29.27 points.
In November, the KSE-100 recorded a substantial return of 16.6%, marking the highest performance since March 2009 (excluding April 2020’s return of 16.7% in the post-Covid month).
This surge in market activity follows the recent staff-level agreement between Pakistani authorities and the International Monetary Fund (IMF) regarding the first review under the nine-month $3 billion Stand-By Arrangement (SBA).
Market analysts attribute this bullish trend to the country’s improving financial indicators, particularly the enhanced foreign exchange reserve position, coupled with anticipated reductions in the policy rate, indicating positive prospects for the market.
