The benchmark KSE-100 index of the Pakistan Stock Exchange, which analysts said had not happened in six years.
Stock market crosses 50000 mark: At 11:23 am, the KSE-100 index’s volume peaked at 50,017.45 before waning to 49,787.57 two hours later.
The brokerage firm Arif Habib observed that the index increased by “286 points (50,017 pts, or up 0.58pc, on an intraday basis) DoD; the 50k level crossed after six years” (last seen on June 07, 2017) in a post on X (previously Twitter).
Investors are observing the government’s total focus on the economy and the strengthening of the Pakistani rupee, according to Raza Jafri, head of equity at the brokerage firm Intermarket Securities, which is fueling concerns that interest rates may have peaked.
Given the fast advance, there might be some instances of profit-taking, but Jafri continued, “A successful IMF review can help lead the KSE-100 towards a new all-time high.”
As investors considered the rupee’s rebound and discussions on the CPEC projects during the PM’s visit to China, Ahsan Mehanti of Arif Habib Corp. reported that favourable activity in the earnings season persisted amid increasing trading.
The “expected fall in inflation amid a cut in local POL prices, falling current account deficit, and the likely release of the next IMF tranche under Stand-by Arrangement” prompted the positive close.