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PSX reaches new high as KSE-100 shoots past 54,000 points

PSX reaches new high as KSE-100 shoots past 54,000 points

طوبیٰ Tooba 8 months ago 0 2

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Stock brokers monitor new on television screen at a booth, during a trading session at the Pakistan Stock Exchange, in Karachi, Pakistan July 3, 2023. — Reuters
Stock brokers monitor new on television screen at a booth, during a trading session at the Pakistan Stock Exchange, in Karachi, Pakistan July 3, 2023. — Reuters

KARACHI: The Pakistan Stock Exchange (PSX) reached a new peak on Tuesday as it crossed the 54,000 barrier in hopes of a positive outcome from ongoing talks with the International Monetary Fund (IMF). 

The KSE-100 index continued its bullish run for the third consecutive day and gained 417.69 or 0.78% during the intraday trading to reach at 54,278.05 points. 

The KSE-100 index at 10:00am. — PSX
The KSE-100 index at 10:00am. — PSX 

Pakistan-Kuwait Head of Research, Samiullah Tariq, told Geo.tv: “Expectations of monetary policy’s rate cut and the strong profitability of the companies are among the driving forces that shored up the KSE-100.” 

The increase was also driven by the announcement of the general elections as investors hoped for the much-needed political stability in the country. 

The IMF’s review mission is in Pakistan currently to complete the first review under the $3 billion loan programme and the possibility of releasing the second tranche of $700 million by the end of December 2023. 

The tranche would go through if both sides can strike a staff-level agreement at the end of the talks.

A day earlier, the PSX had gained 737.33 points or 1.39% to close at 53,860.37 points. 


More to follow…

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