- Web Desk
Stock market grows over 1,000 points on Friday morning
- Web Desk
- Dec 08, 2023
KARACHI: Pakistan Stock Exchange (PSX) began the trading week on a bullish note, charging through 62,000 points mark, reaching an all-time high on Monday. On Tuesday, the share market showed fluctuations but managed to stabilise. Wednesday brought yet another note of growth for the index, when the benchmark KSE-110 index crossed 63,000 points mark. Thursday saw the index inch closer to 65,000 points but profit-taking activities briefly led to a dip.
On Friday (today), the benchmark index managed to pierce through 65,000 points. After opening at 64,718.07 points, the KSE-100 index posted a hike of 1,004 points shooting upwards to 65,722.81 points within two hours of trading.
Experts are of the opinion that the index is charging based on the expectations of a reduction in interest rates by the central bank. Furthermore, the expectations of the IMF green-lighting the tranche this week has added to investor confidence, as have the announcements of Pakistan’s recent MoU signings with the UAE.
The growth in the market came from multiple sectors showing overall improvement in investor confidence. Analysts anticipate this positive momentum to continue into 2024, supported by robust earnings growth, attractive valuations, and a relatively steady economic expansion.
It’s worth noting that the KSE-100 has seen a remarkable gain of 23,265 points, or 56.13 per cent, during the fiscal year, and the ongoing calendar year has witnessed a cumulative increase of 24,298 points, equivalent to 60.11 per cent.