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KSE-100 index breaches 71,000, hits record high during intraday trade

by News Publishing
April 22, 2024
in Business, Economy, Finance
Reading Time: 2 mins read
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KSE-100 index breaches 71,000, hits record high during intraday trade
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The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index soared to a historic high of 71,474 points, marking a 0.8 per cent increase, after surpassing the crucial 71,000 level on Monday.

The KSE-100 index surged by 631.86 points, or 0.89 per cent, reaching 71,541.76 points at 11:38am, compared to the previous close of 70,909.90.

Over the past year, the market has witnessed a remarkable 74 per cent surge and is currently up by 10.43 per cent year-to-date.

Sohail Mohammed, CEO of Karachi-based brokerage company Topline Securities, noted that Pakistan aims to finalize the framework for a new International Monetary Fund (IMF) loan in May. He attributed the rising share prices to robust dividends in March and emphasized that despite the rally, share prices are trading at an attractive forward-looking price-earnings ratio of 4.

Yousuf M Farooq, director of research at Chase Securities, linked today’s upward momentum to media reports of Saudi investment in Reko Diq, prospects of Pakistan securing its next IMF program, and projections indicating a significant decline in inflation and interest rates ahead.

He added that Pakistan’s current account is stable and positive, signaling economic recovery. Farooq suggested that undervalued assets are experiencing a reversion to the mean amidst persistently adverse economic conditions.

According to Farooq, strong corporate earnings, promising dividend announcements, and smooth negotiations for a new IMF program are key drivers of the rally.

Awais Ashraf, director of research at Akseer Research, echoed similar sentiments, citing improved investor confidence due to increasing prospects of Saudi investment and declining inflation.

Interest in heavyweight stocks like Oil and Gas Development Company (OGDC) and Pakistan Petroleum Limited (PPL) is driven by expectations of Saudi investment in Reko Diq and government reforms, observed Ashraf.

Furthermore, commercial banks and fertilizer stocks are experiencing positivity on expectations of higher payouts.

Shahab Farooq, director of research at Next Capital Limited, attributed the bullish momentum to a stable Middle Eastern situation leading to lower international crude oil prices, positive news regarding a fresh IMF program, and optimism surrounding Saudi investments.

He highlighted that healthy earnings announcements are also contributing to the positive market sentiment.

Tags: latestPakistanPSX
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