KSE-100 Index surpasses 41,000 points after 11 months

PSX touches 10-month high mark

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KARACHI
The Pakistan Stock Exchange (PSX) on Friday touched 10-month high as the KSE-100 Index traded at 41,030 points with an increase of 516 points. The KSE-100 Index started off at 40,514 points, climbing up at the intra-day and reaching 41,030 points at 12:00 pm before PSX was suspended for Friday prayers. At the end of the day, the KSE-100 index closed at 40916 points with a positive change of 402 points.
According to the economic analysts, further boost in investments is expected following positive reports by international bodies regarding Pakistan’s economy. It is pertinent here to mention that the stock market had touched 41,000 mark back on February 7. Pakistan’s strong economic indicators were endorsed after Bloomberg, the international economic journal in its report on November 20, termed Pakistan stocks ‘world-beating’.
According to Bloomberg’s report, foreign investors have bought $64 million of the nation’s stocks this year, set for the first annual inflow since 2014.
The rally that’s helped Pakistan stocks trounce the rest of the world in the past three months is not done yet, the report read and added that Pakistan Stocks once again become an attractive market for big investors.
The report admits that Pakistan made enough progress on global anti-money laundering and counter-terrorism financing standards in October to escape being placed on a blacklist.
PSX continues to be one of the best performing/recovered markets in the world, said Alpha Beta Core CEO Khurram Shehzad.
The index was last seen hovering above the 41,000 points in February 2019. So far, the market has regained over 11,000 points from the then five years low of 28,671 points in August 2019.
Rizvi said the market outlook remained positive considering back to back good news on the economic front. The latest good news is that the country’s foreign country reserves have regained to eight months high at $9.23 billion, he said.
Besides, the investors are making the extended buying on cash instead of with borrowed money, indicating that traders are making long-term investments at the stock market. “The make may hit 43,000 and (then) 45,000 points level in the next three to four months,” said Rizvi.
The International Monetary Fund (IMF) on December 19 in Washington will hold its next board meeting for approval of the disbursement of second tranche of about $453 million to Pakistan under the $6 billion Extended Fund Facility (EFF) finalized in May this year.

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