Bulls continued their stampede at the Pakistan Stock Exchange (PSX) on Friday as shares gained more than 1,200 points to briefly cross the 80,000 level — a day after it closed at a now-broken all-time high.
The benchmark KSE-100 index gained 1238.54, or 1.57 per cent, to stand at 80,059.87 — a record high — from the previous close of 78,801.53 points at 9:47am.
It, however, soon receded to 79,461.74 — a gain of 660.21, or 0.84pc, from the previous close.
On Thursday, analysts had attributed the post-Eid bullish momentum to the rating agencies’ recent outlook for Pakistan.
Raza Jafri, chief executive of EFG Hermes Pakistan, had highlighted Fitch’s “dovish view on inflation outlook and the proposed reduction in electricity tariffs for industries”.
Yousuf M Farooq, director of research at Chase Securities, had also mentioned that “comments from Fitch and Moody’s have all contributed to” yesterday’s market rally.
He had stated that the upward trajectory was due to“declining fixed income yields, no additional capital gains and dividend taxes in the budget, rationalisation of energy tariffs, improving economic sentiment, and reduced uncertainty over the balance of payments situation“.
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