PSX crosses the record barrier of 60000 points

KSE-100 index gains 60000 points

On Tuesday, the Pakistan Stock Exchange (PSX) continued its bullish run as the benchmark index crossed the record-high 60000 points barrier.

The trade volume of the KSE-100 index increased by a further 564.50 points (0.94 per cent) from the previous close of 59,811.34 during the morning period. Hence, the benchmark index had sustained its rally from the previous week.

Analysts attributed the positive trend to the successful conclusion of a staff-level deal with the International Monetary Fund (IMF) and other factors like reduced economic volatility, attractive valuations, and corporate profits. Brokerage and investment banking firm Arif Habib Limited also termed the IMF inflow as the reason for bullish trends and forecasted attractive valuations along with strong fundamental performances of sectors.

The experts also believe that the positive momentum would continue as peak inflation and monetary easing have been expected. Topline Securities believed that the record-high trade was not surprising because of its unbelievably low valuation.

Note that in the past five months, the index had gained 50 pc (a jump from 40000 points to 60000 points). It is also the fastest 50pc rise after 2004.

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