In a continued surge, the Pakistan Stock Exchange (PSX) maintained its bullish trend on Friday, crossing the significant 66,000 mark after gaining 1,340 points. The KSE 100-index was trading at 66,058, reflecting an additional 1,200 points. The positive momentum is indicative of restored investor confidence in the government’s policies.
The closing figures from the previous day stood at 64,718.08 points, emphasizing the upward trajectory in the stock market. Investors’ optimism is bolstered by signs of improvement in the country’s economy, particularly ahead of the anticipated release of the International Monetary Fund’s (IMF) second loan tranche.
Market players also responded favorably to reports of Chinese investment amounting to $1.5 billion in the Pakistan Refinery Limited (PRL). This, coupled with the Asian Development Bank’s (ADB) project financing of approximately $650 million for Pakistan, contributed to the positive sentiment among investors.
Furthermore, the US dollar experienced a decline against the Pakistani rupee in the interbank, shedding 37 paisas and trading at 283.75. This follows a trend from the previous day when the dollar closed against the rupee at 284.12.
The bullish momentum in the stock market has been a consistent theme, with the KSE-100 Index showing a 0.97% increase during early trading on Thursday. Energy and related companies, offering attractive returns, have been key drivers of this upward movement, with the index reaching 64,538.73.
Analysts anticipate the stock market to surpass the 65,000 points mark, driven by investor eagerness to capitalize on the current momentum. The market’s ascent is attributed not only to foreign investment pledges but also to improvements in macroeconomic indicators, contributing to the market’s continuous journey toward new highs.
