Business

Bullish trend continues as PSX crosses 102,000 points

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Digital Desk

2 years ago

KARACHI: The Pakistan Stock Exchange (PSX) achieved all-time high numbers as the KSE-100 Index climbed over 1,200 points to 102,606.16 points on Monday, reflecting strong investor confidence driven by positive economic indicators.

The benchmark KSE-100 Index, which closed at 101,357.32 points yesterday has surged to the highest of 1,248.84 points with an increase of 1.23% during the intra-day trade.

The current index, at 11:50 pm, was recorded at 102,931.53 points with a change of 1574.21 or 1.55%.

Key contributing companies include Cnergyico PK Limited (CNERGY), Worldcall Telecom Limited (WTL), the Bank of Punjab (BOP), K-Electric Limited (KEL), Sui Southern Gas Company Limited (SSGC), Pace Limited (PACE), and Waves Home Appliances Limited (WAVESAPP).

This upward trajectory reflects positive market sentiment driven by several factors including relative stability in the exchange rate and the anticipated transition to a new, longer-term agreement with the International Monetary Fund (IMF).

Yousuf M. Farooq, director research at Chase Securities, noted that the market was up again due to investors’ anticipating inflationary pressure to ease below 6pc for November, with some even projecting it to dip below 5pc.

“Encouragingly, some sectors, such as autos, are already experiencing growth in sales, with the latest auto financing data indicating that declining rates are driving increased demand,” he said.

Digital Desk