The Pakistan Stock Exchange (PSX) closed Friday at an all-time high after surging past 53,000 points on positive cues such as political clarity over the election date and expectations of clearing the International Monetary Fund (IMF) review.
PSX Crossed 53,000 points on Friday
However, at 12 p.m., the PSX was at 53,111.30 points, up 454.54 or 0.86%. This is the first time the KSE-100 index has surpassed 53,000 points.
Arif Habib Limited wrote on X, formerly Twitter, that the market had reached a remarkable milestone, surging past previous records and “setting a new era of financial excellence.”
“PSX Market Soars to All Time Highs”, Igniting Frenzy!
The market, for the very first time in its history, has achieved a remarkable milestone by soaring to unprecedented all-time high levels, surging past previous records and setting a new era of financial excellence.… pic.twitter.com/uO8cCwjLVl
— Arif Habib Limited (@ArifHabibLtd) November 3, 2023
Capital Market Experts Opinions
According to capital market expert Saad Ali, the PSX was driven by declining political risk, positive macro indicators, the expectation of a favorable IMF review, and the expectation of rate cuts in the near term.
“However, the market remains cheap by historical standard at only 4x forward earnings,” he said.
Furthermore, Pakistan-Kuwait Head of Research, Samiullah Tariq told, “Strong earnings, expectations of clearing IMF review, and expectations of a decline in interest rates in the future are driving the market.”
KSE-100 Index Named World’s 3rd Best Performing Market in October 2023
Moreover, the KSE-100 index was named the world’s third best-performing market in October after reaching a six-year high of 51,920 points.
A day earlier, the IMF delegation in Pakistan praised Pakistan’s efforts while emphasizing the importance of strict adherence to all targets.
Furthermore, the IMF mission, led by Nathan Porter, had arrived in Pakistan the day before to lead the two-week-long talks on the SBA’s second tranche.
Dr. Akhtar assured the IMF that the loan program’s targets are being met and that all IMF conditions have been met thus far.
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