During the previous week, the Pakistan Stock Exchange had witnessed a bullish trend and hit its highest ever level
The Pakistan Stock Exchange (PSX) continued to set new records, as the benchmark KSE-100 Index was hovering above the 59,700 level, a new intra-day record, during trading on Monday.
At 2:15pm, the KSE-100 index was at the 59,790.71 level, an increase of 704.36 points or 1.19%.
Across-the-board buying was witnessed as index-heavy sectors including automobile assemblers, cement, chemical, oil and gas exploration companies, OMCs and property traded in the positive zone.
During the previous week, the PSX hit its highest ever level. It closed with healthy gains during the outgoing week ended on November 24 on the back of aggressive buying by both local and foreign investors coupled with institutional support.
The benchmark index surged by 2,023.19 points on a week-on-week basis and crossed the 59,000 psychological level for the first time in its history to close at highest ever level of 59,086.35 points.
The stock market is enjoying a bullish spree after Pakistani authorities and the International Monetary Fund (IMF) reached a staff-level agreement on the first review under the nine-month $3 billion Stand-By Arrangement (SBA) last week.
The government believes that the IMF’s executive board will give its approval in December, after which Pakistan will receive the second tranche of the SBA.
The funding would also pave the way for inflows from other multilateral and bilateral partners.
Experts said that the market is also expecting a policy rate cut in the upcoming Monetary Policy Committee (MPC) meeting scheduled to be held next month (December), which would improve the liquidity position at the bourse.
This is an intra-day update
