Skip to content
Breaking News

Breaking News

  • Home
  • World
  • Business
  • Health
  • Entertainment
  • Life Style
  • Sports
  • Toggle search form

PSX reaches new highs, crosses 59,000 milestone in intraday trading – SUCH TV

Posted on November 24, 2023 By Admin No Comments on PSX reaches new highs, crosses 59,000 milestone in intraday trading – SUCH TV



Continuing its bull run from the preceding sessions, the benchmark index of the Pakistan Stock Exchange (PSX) hit yet another all-time high on Friday and crossed the 59,000 milestone.

According to the PSX website, the KSE-100 index stuck 59,402.82 points at 10am, up 502.98 or 0.85 per cent from the previous close of 58,899.84.

The benchmark of representative shares has recorded steady gains throughout the week, thanks to the improving macroeconomic outlook following the successful review of the International Monetary Fund (IMF) programme.

The IMF funds, expected to be issued next month after the lender’s executive board board meeting, are a second tranche of the nine-month bailout package. This will bring total disbursements under the $3bn package, approved in July, to almost $1.9bn.

Speaking to Dawn.com today, Raja Jafri, head of equities at Intermarket Securities Ltd, attributed the rally to the return of foreign institutional buying.

“Despite the recent sharp rally, valuations remain attractive. The government has due focus on the economy and risks seem well-managed for now,” he said, adding that the completion of the IT export policy had galvanised the tech sector particularly.

Mohammed Sohail, chief executive of Topline securities, was of the opinion that the stock market was catching up on the losses of the last few years.

“The finance minister’s remarks that the government is looking to get $1.5 billion after the IMF tranche is helping sentiments,” he added.

Meanwhile, JS Global equity sales head Syed Faran Rizvi said the Pakistani market’s future performance hinges on the crucial indicator of declining oil prices.

“From a technical standpoint, the upside target for the index stays consistent at 59,294,” he pointed out.

However, Rizvi cautioned that on the downside, support was anticipated in the range of 58,450-58,700 levels, with a subsequent level at 58,246 — a breach below this point might trigger a corrective trend.



Source link

Business Tags:IMF, International Monetary Fund, KSE-100 index, Pakistan Stock Exchange, PSX

Post navigation

Previous Post: How intergenerational friendships can prove enriching
Next Post: Barclays working on $1.25 bln cost plan, could cut up to 2,000 jobs  | Reuters News Agency

More Related Articles

IMF seeks fresh report on state-owned enterprises losses – SUCH TV Business
Massive hike is expected in petrol prices before elections – SUCH TV Business
India’s August retail inflation stays below 4% for second consecutive month | The Express Tribune Business
How Much Do High Net-worth Individuals Invest In Term Insurance? Policybazaar Reveals Trends – News18 Business
2025 Hero Destini 125 Leaked Just Before Launch; Check Whats Been Revealed Business
Cabinet Hikes MSP For Copra To Rs 12,100 Per Quintal Business

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • Women Cricketers are awarded by domestic contract by PCB – SUCH TV
  • Ryanair to increase oversized bag bonus
  • Man receives world’s first pig lung transplant in groundbreaking medical procedure
  • India cricket ends $43.6m sponsorship after online gambling ban: report
  • Morgan Wallen joins artists pushing back on Grammys

Categories

  • Business
  • Entertainment
  • Health
  • Life Style
  • Sports
  • World

Copyright © 2025 Breaking News.

Powered by PressBook Blog WordPress theme