Bulls continued to dominate the trade floor on Tuesday as shares at the Pakistan Stock Exchange (PSX) surged by more than 800 points in intraday day on optimism regarding an impending Saudi investment.
The KSE-100 index climbed up to 70,493.02, up by 873.04 points or 1.25 per cent, from the previous close of 69,619.98 points at 10:57am.
Mohammed Sohail, chief executive of Topline Securities, noted that the market crossed the 70,000 milestone “amid positive news on Saudi investment and deposits”.
“Continuous foreign buying is also helping equities,” he said, adding that the benchmark KSE-100 index is now up by almost 70pc from June end.
Shahab Farooq, director of research at Next Capital Limited, echoed the same sentiment. He said, “Optimism of investment package from Saudi Arabia, high remittances, and continued foreign buying are fueling positive sentiments in the market.”
Earlier, the State Bank of Pakistan (SBP) date showed that remittances increased to almost $3 billion in March, taking it to the highest level since April 2022, primarily due to Ramazan.
Yousuf M Farooq, director of research at Chase Securities, said, “The market has continued to rally on optimism regarding the economy.”
“Remittance numbers for March 2024 came in at $3bn, likely resulting in a current account surplus for the month, which bodes well for currency stability,” he said, adding that the surplus would likely exert downward pressure on inflation by keeping the currency stable.
He explained, “Lower inflation should lead to lower interest rates and higher valuations at the stock exchange. Participants are factoring in expectations of better earnings and lower interest rates going forward,”
More to follow
Shares at PSX reach all-time high as KSE-100 index crosses 70,000 milestone
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09.04.2024
Bulls continued to dominate the trade floor on Tuesday as shares at the Pakistan Stock Exchange (PSX) surged by more than 800 points in intraday day on optimism regarding an impending Saudi investment.
The KSE-100 index climbed up to 70,493.02, up by 873.04 points or 1.25 per cent, from the previous close of 69,619.98 points at 10:57am.
Mohammed Sohail, chief executive of Topline Securities, noted that the market crossed the 70,000........
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