PSX sets new record as KSE-100 crosses 63,000 mark

طوبیٰ Tooba 8 months ago 0 2

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Analyst attributes expected ‘interest rate cut’, strong profitability to drive stock market

A stock broker reacts while monitoring the market on the electronic board displaying share prices during trading session at the Pakistan Stock Exchange, in Karachi, Pakistan July 3, 2023. — Reuters

KARACHI: Bulls on Monday gripped the Pakistan Stock Exchange (PSX) as the benchmark index achieved a new milestone by crossing the 63,000 mark for the first time.

According to the PSX website, the benchmark KSE-100 index gained 447.13 points or 0.71% to reach 63,403.15 points during the intraday trading at 10:59am.

Pakistan-Kuwait Head of Research, Samiullah Tariq, told Geo.tv that major catalysts for the recent bull run in the equity market include strong profitability, attractive valuation, and expectations of a reduction in interest rate — scheduled to be announced on December 12.

He added that the “market should remain bullish in the coming days”.

More to follow…

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