KARACHI: The Pakistan Stock Exchange (PSX) witnessed a bullish trend on Friday as the trademark KSE-100 Index claimed a record high of 94,982.28 points in the intraday trade, following the fear of a mini-budget eased.
The current index stands at 94,959.90 points, after an increase of 768.01 points, or 0.82 per cent, compared to the previous close of 94,191.89 points at 12:33 pm.
The market’s upward trend shows a growing wave of investors buying non-stop local funds fueled by encouraging economic indicators after the International Monetary Fund (IMF) staff visit showed the economy was stabilising.
According to the Dawn News, Mohammed Sohail, chief executive of Topline Securities, credited the bull run to “non-stop buying by local funds after sharp fall in interest rate”.
Broker companies in the stock market attributed the bullish trend to the reports that the International Monetary Fund (IMF) raised no concerns over Pakistan’s failure to achieve the revenue collection targets.
The reports regarding an imminent mini-budget or new taxation measures were also refuted which bolstered investor sentiment and increased trading activity across sectors.
