Karachi, (Newsman): The Pakistan Stock Exchange (PSX) on Wednesday surged by 494 points, reaching a historic milestone as the KSE-100 Index crossed the 96,000-point mark during intraday trading.
The index rose to an all-time high of 96,344 points, up from the previous close of 95,931.33 points, marking a significant achievement for the market.
At 2:44 PM PST, the KSE-100 Index touched 96,036.48 points for the first time.
Yousuf M. Farooq, Director of Research at Chase Securities, attributed the market’s positive performance to reports suggesting that the mini-budget would not be introduced, coupled with positive signals from the International Monetary Fund (IMF).
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However, he cautioned that political uncertainties could potentially dampen the bullish trend.
Sana Tawfiq, Head of Research at Arif Habib Limited, also highlighted that improvements in macroeconomic indicators and liquidity have helped maintain the positive market trend.
While political concerns persist, Tawfiq emphasized that the fundamentals, including a current account surplus, remain strong.
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The State Bank of Pakistan reported a surplus of $349 million in October, compared to a surplus of $86 million in September, marking the third consecutive month of positive performance.
In a separate development, the price of gold in Pakistan rose for the second consecutive day, reaching Rs 273,500 per tola on Tuesday.