Pakistan Stock Exchange builds on historic surge
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Pakistan Stock Exchange (PSX) remained in the grip of bullish momentum as the share prices continued to build Friday on the historic surge it witnessed on Thursday, reported 24NewsHD TV channel.
After hitting the 100,000 points milestone for the first time yesterday, the bourse’s benchmark KSE-100 index on Friday gained 1,349.96 points or 1.33% to reach at 101,432.73 points a little before the close of trading.
Experts said that key contributing sectors included commercial banks, fertilizers, and oil and gas exploration, while top stocks like Fauji Fertilizer and United Bank Ltd played a pivotal role
They further said that policy efforts to turn fiscal and external accounts into surpluses and decline in the cost of doing business contributed to boosting investor sentiment.
The experts said the decline in the cost of doing business was due to a marked reduction in the policy interest rate, rupee stability, and successful IMF's SBA followed by a larger and longer IMF programme.
The rating upgrades and a positive outlook of the economy by Moody's were also among some of the reasons for equities to rise.
Stocks on Thursday breached the historic 100,000-point barrier, buoyed by political calm and optimism over a projected decline in November inflation, strengthening expectations for deeper monetary easing.
The Pakistan Stock Exchange's (PSX) benchmark KSE-100 Index surged 813.5 points or 0.82% to close at historic 100,082.77 points.
Reporter: Kawish Memon