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Thursday, February 29, 2024

The Pakistani stock market reaches a record high


<p>By breaking beyond the 55,000 barrier, the Pakistan Stock Exchange (PSX) achieved a new milestone.<img decoding=”async” class=”alignnone wp-image-278292″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/11/theindiaprint.com-download-2023-11-11t182103.724-11zon.jpg” alt=”theindiaprint.com download 2023 11 11t182103.724 11zon” width=”1238″ height=”824″ title=”The Pakistani stock market reaches a record high 6″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/11/theindiaprint.com-download-2023-11-11t182103.724-11zon.jpg 275w, https://www.theindiaprint.com/wp-content/uploads/2023/11/theindiaprint.com-download-2023-11-11t182103.724-11zon-150×100.jpg 150w” sizes=”(max-width: 1238px) 100vw, 1238px” /></p>
<p>According to Geo News, the benchmark KSE-100 index hit an intraday high of 55,506.32 points on Friday.</p>
<p>Arif Habib Limited on X (formerly Twitter) reports that the KSE-100 index reached an all-time high by breaking above the 55,000 level of trade.</p>
<p>According to Tahir Abbas, Head of Research at Arif Habib Limited (AHL), the market has been propelled by anticipation that the International Monetary Fund (IMF) initial review would be completed.</p>
<p>He said, “Moreover, investors’ sentiment at the local bourse is being bolstered by peaking out inflation and interest rates in conjunction with anticipated monetary easing, as well as attractive valuations despite the market being at an all-time high.”</p>
<p>According to Raza Jafri, Head of Equities at Intermarket Securities, the KSE-100 keeps hitting record highs due to robust domestic institutional purchasing and declining Pakistan Investment Bond (PIB) rates, as reported by Geo News.</p>
<p>Additionally, he ascribed the rise to the high dividend-yielding companies and Pakistan’s increased weight in the upcoming review by global index provider MSCI.</p>
<p>“The next important checkpoint is the ongoing IMF review,” he said.</p>
<p>Compared to Thursday’s total of 482.7 million shares, overall trading volumes jumped to 640.8 million shares. 21.1 billion PKR worth of shares were exchanged throughout the day.</p>
<p>AHL said that the average traded volume at PSX reached a 2.4-year high, as reported by Geo News.</p>
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