KARACHI: Stocks hit yet another millstone on Friday amid optimism surrounding Pakistan’s prospects of securing a longer International Monetary Fund (IMF) programme.
The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 shares index touched the 80,000 mark — the highest-ever in the bourse’s history.
The market reached 80,059.87 points during the intraday trade today, up by 1,258.34 points from the yesterday’s close of 78,801.53 points.
EFG Hermes Pakistan’s CEO Raza Jafri, while speaking to Geo.tv, said that the post-budget rally continues with Fitch’s recent comments lending further credence to the view that Pakistan will be able to secure a new International Monetary Fund (IMF) program.
“Domestic liquidity is also strong, with equities looking increasingly attractive given monetary easing has commenced,” he said.
Meanwhile, Alpha Beta Core CEO and economic analyst Khurram Schehzad said that expectations from the budget FY25 paving the way for a larger and longer IMF program have improved local and foreign portfolio investors’ confidence.
Arif Habib Limited (AHL) Head of Research Tahir Abbas said that the market continues its positive momentum as investors are optimistic about the new IMF program, downward inflation, interest rates trajectory and flows converting from fixed income to equities.
More to follow…
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