Bulls ran wild at the PSX Pakistan Stock Exchange. Shares climbed over 1,700 points. Analysts said this was due to rating agencies’ positive outlook.
The KSE-100 index gained 1738.81 points. It rose 2.27 percent to 78,445.58 points. The previous close was 76,706.77 points.
Mohammed Sohail from Topline Securities explained. He said, “Positive sentiments continue.” He hoped the new budget would secure a long-term IMF deal.
Raza Jafri from EFG Hermes Pakistan shared his thoughts. “The market likes good news over Eid,” he said. He mentioned Fitch’s positive view on inflation. He also noted a proposed cut in electricity tariffs for industries. He said, “Foreign selling pressure seems over.”
Yousuf M Farooq from Chase Securities had his take. He noted the upward trend. He said, “Declining fixed income yields help.” He also mentioned no new capital gains taxes. He spoke of rationalized energy tariffs and better economic sentiment. He saw less worry over the balance of payments.
Market Soars on Positive Fitch and Moody’s Comments: PSX
Farooq also cited comments from Fitch and Moody’s. He said these boosted the market.
Awais Ashraf from AKD Securities agreed. He mentioned global credit rating agencies. He said Moody’s and Fitch gave positive statements. This boosted investor confidence. They believed in the government’s fiscal strategy.
Shahab Farooq from Next Capital Limited added his view. He noted the index passed 78,000 points. He credited positive comments from rating agencies.
He mentioned other factors too. He saw a strong chance of an IMF deal. He expected low inflation at 12 percent in June 2024. He noted the government reconsidering some tax measures. Institutional buying also helped. The market felt optimistic and strong.
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