PSX at 115,000 - Investors make hay while the sun shines
Business
Stocks gained strength on 13th day highlighting improvement in country’s economy
KARACHI (Dunya News) – Country’s economy continues to improve amid a slew of measures the government has taken in the last few months.
The economic ‘turnaround’ has given investors a reason to cheer about which can be borne out by the unprecedented surge in stocks in recent times.
On Friday, the last work day of current week in the Pakistan Stock Exchange (PSX), the KSE-100 index surpassed 115,000 mark as market players invested with glee. The stocks gained strength on the 13th consecutive day highlighting improvement in country’s economy.
During early hours of trading, stocks climbed to 115,172 with a gain of 600 points. Later, the market saw decline of 1,200 points, lowering the figure to 112,921.
The bearish trend was short-lived and the market closed at 114,301.
A day earlier (Thursday), the Pakistan Stock Exchange (PSX) attained another high by soaring past 114,000 points. The streak of surge continues for more than a month now.
Thursday’s trade saw figure jump to 113,374 points with a gain of hefty 2,500 points. Later in the day, the KSE-100 index surpassed 114,000 points and eventually closed at 114,180 with a gain of 3,370 points.
Also Read: PSX summits historic 100,000 peak amid 'economic, political gains'
Stocks closed at 111,810 on Wednesday.
EBB AND FLOW
A few days ago the market witnessed sudden bearish rally but it was short-lived as bullish momentum returned with the benchmark KSE-100 index hovering around 111,000 after gaining more than 2,000 points. It was against previous day’s close of 108,896 points.
RATE CUT ON THE CARDS
With the cash injection in the form of International Monetary Fund’s loan disbursement and further talks on climate funding, the proverbial bulls have been galloping for the last more than a month.
Another reason for the current market sentiment is SBP’s upcoming meeting on policy rate cut. The Central Bank’s Monetary Policy Committee is expected to meet on Dec 16 (Monday).
Nov 30 was the historic day in the history of the Pakistan Stock Exchange (PSX) which attained the magic high of 100,000 points on the heels of unprecedented streak of surge.
