The Pakistan Stock Exchange (PSX) has achieved a significant milestone by surpassing the 55,000-point mark, reaching a new record. On Friday, the benchmark KSE-100 index hit an intraday high of 55,506.32 points, as reported by Geo News.
According to Arif Habib Limited (AHL), the KSE-100 index not only crossed the 55,000 level but also set an all-time high in trading. Tahir Abbas, Head of Research at Arif Habib Limited, attributed the market's positive performance to expectations surrounding the successful completion of the International Monetary Fund's (IMF) first review. This optimism appears to have driven the market to reach this historic milestone.
"Moreover, peaking out inflation and interest rates alongside expected monetary easing, and attractive valuations despite the market being at an all-time high is garnering investors sentiment at the local bourse," he added.
Head of Equities at Intermarket Securities Raza Jafri said the KSE-100 continues to make new highs on strong domestic institutional buying and reducing Pakistan Investment Bond (PIB) yields, Geo News reported.
He also attributed the increase to higher weight for Pakistan in the coming review by global index provider MSCI and the high dividend-yielding stocks.
"The ongoing IMF review is the next key checkpoint," he added.
The Pakistan Stock Exchange (PSX) experienced a notable increase in overall trading volumes, reaching 640.8 million shares compared to the previous day's tally of 482.7 million. The total value of shares traded during the day amounted to 21.1 billion PKR.
According to Arif Habib Limited (AHL), the average traded volume at PSX has reached a 2.4-year high, marking a significant surge in trading activity, as reported by Geo News.
(With Agency Inputs)
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