PSX exudes positive vibes amid hopes of economic recovery
Business
Bullish trend is attributed to expectations of lower inflation and approval of IMF loan
KARACHI (Dunya News) – The Pakistan Stock Exchange (PSX) on Monday - the first day of the new fiscal year - rose by 700 points.
The bullish trend is attributed to expectations of lower inflation and approval of IMF tranche on the heels of passage of the tax-laden budget in the National Assembly.
The KSE-100 index climbed 704.08 points and stood at 79,149.04 on Monday morning. It was last closed at 78,444.96 points.
Analysts say there is expectation of lower inflation and approval of loan tranche by the International Monetary Fund (IMF). A team of the IMF is expected to visit Pakistan in the second week of July.
ALL-TIME HIGH
A few days earlier, bullish trend continued in the Pakistan Stock Exchange (PSX) as the KSE-100 index set another record when it crossed 80,000 points mark.
The last day of the business week (Friday) saw a strong rally in the PSX as the KSE-100 index soared to 80,001 points with an increase of 1,199 points.
It was the second consecutive day when the bull ran the market. On Thursday, the PSX closed at 78,802 points, setting a record after an increase of 2,095 points.
Thursday’s 78,802 mark was reported on the first day of the business week as the market had been closed on account of Eidul Azha holidays.
