PSX continues to make gains, crosses 56,000 milestone

Pakistani traders stand beneath an electronic board displaying share prices at the Pakistani Stock Exchange (PSX). — INP/File 

KARACHI: The Pakistan Stock Exchange (PSX) continued to make gains as it peaked at an all-time high by crossing the 56,000 mark on Monday. 

The KSE-100 index reached 56,176.16 points during the intraday trading, up by 784.80 or 1.42% from the previous close of 55,391.36 points.

The KSE-100 index at 10:44am. — PSX website
The KSE-100 index at 10:44am. — PSX website 

Capital market expert Saad Ali told that the market was extending last week’s gains as the International Monetary Fund (IMF) concluded technical talks without any issue. 

“There are no signs of the IMF disallowing rate cuts,” he added. 

The IMF’s mission began its review of Pakistan’s bailout package on November 2 and is expected to conclude by December 15.

The review will determine whether Pakistan will receive the second tranche of $700 million in December. The country received $1.2 billion in July from the global lender as the first instalment of the standby arrangement.

Last week, the benchmark index set a new milestone after it jumped past the 55,000 barrier on the ongoing IMF review, domestic institutional buying and reducing Pakistan Investment Bond (PIB) yields.

The benchmark KSE-100 index gained 4.3% in the week ended on Friday, marking its eighth consecutive weekly rise. 

More to follow…

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