Wednesday, May 29, 2024

Pakistan Stock Exchange Hits New Milestone as KSE-100 Index Jumps Past 55,000 Mark

The Pakistan Stock Exchange (PSX) had a great start to the day on Friday, breaking a new record by going above 55,000 points during trading. At around 10:10 am, the KSE-100 index, a measure of the stock market’s performance, reached 55,253.19 points. This was almost 1,000 points (1.83%) higher than the closing value on the previous day, which was 54,261.42.

Experts from Arif Habib Limited, a financial firm, mentioned that this is the highest the stock market has ever been. Tahir Abbas, who is the Head of Research at Arif Habib Limited, thinks the market is doing well because people expect that the International Monetary Fund (IMF) will complete its first review successfully.

Other reasons include things like stable inflation and interest rates, the hope for easier access to money, and the fact that, despite reaching a new high, stock prices still seem reasonable to investors.

Raza Jafri, who is the Head of Equities at Intermarket Securities, explained that the stock market is going up because local investors in Pakistan are buying a lot, and the interest rates on some types of bonds are going down.

He also mentioned that the global company that decides which countries are doing well in the stock market (MSCI) is going to look at Pakistan more, and some stocks that pay high dividends are popular. Jafri pointed out that what the International Monetary Fund decides in their review is going to be really important for the market.

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