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PSX Hits Record 62,000 Mark: Bullish Trend Driven by Economic Optimism and Foreign Investment Surge

Continuing its upward trend from previous sessions, the Pakistan Stock Exchange (PSX) benchmark index surpassed the 62,000 mark on Monday, reflecting a positive outlook on macroeconomic factors.

At 9:40 am, the KSE-100 index reached 62,401.94, marking a gain of 710.69 points or 1.15% compared to the previous close of 61,691.25, as reported on the PSX website.

Persistent gains in the representative shares index are attributed to improvements in Pakistan’s economic indicators, such as the State Bank of Pakistan’s foreign exchange reserves, which increased by $77 million to $7.2 billion for the week ending November 24. Analysts also point to the anticipated reduction in the policy rate as a contributing factor.

Faran Rizvi from JS Global noted that market participants often act in anticipation of future events, responding to perceived macroeconomic developments. He expressed confidence that the bullish momentum would continue, particularly with increased clarity in macroeconomic factors leading up to the upcoming election.

Rizvi highlighted foreign investors’ heightened interest in Pakistani stocks, evidenced by the highest injection of funds in six years, reaching $34.5 million in November—the highest level since January 2018.

Raza Jafri, Head of Equity at Intermarket Securities, mentioned that a diverse group of market participants anticipated a potential interest rate cut, set to be announced after the monetary policy meeting on December 12. However, he emphasized that the prevailing market consensus leaned towards no change in interest rates. Jafri pointed out that most trading activity on the PSX was observed in affordable energy stocks, as the expectation of monetary easing seemed increasingly likely.

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