Stocks turn the corner as KSE-100 index trades over 81,000 points
Business
Bulls continue to dominate PSX after gaining 1,161 points
LAHORE (Dunya News) – The Pakistan Stock Market on Monday showed strong recovery after a bit volatile past week, taking KSE-100 index over 81,000 points once again.
The rallying bulls started ruling over the market from the start of the week, elevating KSE-100 index to 81,105 points with gains of 1,161 points.
It must be noted that the KSE-100 index was trading at 79,944 points in the last working day at the PSX last week followed by thin losses after a steady rise at the start of last week.
KSE-100 index breaches 81,000 mark amid optimism about IMF deal
The stock market upward mobility continued on Tuesday despite a brief hiatus in trading after sudden eruption of fire in the PSX building in early hours of the start of the week's trading on Monday.
The Pakistan Stock Exchange gained 456 points, taking the KSE-100 index to a record high of 81,023 points on Tuesday.
The scaling of new peaks in the stock market is said to be buttressed by prospects of a staff-level agreement with the International Monetary Fund (IMF) and easing of tight monetary policy by the State Bank.
Moreover, the World Bank's support for privatisation of underperforming state-owned enterprises (SOEs), tax measured promised by the government in the budget 2024-25 and speculations surrounding robust corporate returns have contributed to bolstering the investors' sentiment.
