In a significant development, the Pakistan Stock Exchange (PSX) surged past the 72,000 mark during the early hours of trading on Wednesday, marking a new milestone for the country’s financial markets.
The benchmark KSE-100 index witnessed a notable gain of 976.49 points or 1.37%, soaring to 72,335.89 points during intraday trading. This surge comes on the heels of the previous close at 71,359.41 points.
Raza Jafferi, CEO of EFG Hermes Pakistan, attributed this rally to the positive shifts in economic indicators, particularly highlighting improvements in foreign exchange reserves and inflation trends. Jafferi emphasized that these factors are fostering expectations of monetary easing, thus driving interest in equities, particularly in sectors like cement and textile.
Muhammad Sohail, CEO of Topline Securities, echoed similar sentiments, noting that the KSE-100 index has reached yet another record high. Sohail indicated that the anticipation of a decrease in consumer inflation following a record current account surplus is fueling investor optimism, with many expecting a reduction in interest rates in the coming months.
Samiullah Tariq, Head of Research at Pak-Kuwait Investment Company, emphasized that stable macroeconomic conditions, coupled with expectations of a rate cut and prospects of a new IMF program, are major factors propelling the market forward.
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