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Sunday, October 06, 2024  
02 Rabi Al-Akhar 1446  

PSX continues with bullish trend, gains 315 more points

KSE-100 index closes at 79,333.06
File photo via APP
File photo via APP

The 100-Index of the Pakistan Stock Exchange (PSX) with the bullish trend on Friday, gaining 315.44 more points, a positive change of 0.40 per cent, closing at 79,333.06 points against 79,017.62 points on the last working day.

A total of 916,053,875 shares were traded during the day as compared to 584,276,012 shares the previous day, whereas the price of shares stood at Rs21.236 billion against Rs16.364 billion on the last trading day.

As many as 438 companies transacted their shares in the stock market, 184 of them recorded gains and 211 sustained losses, whereas the share price of 43 companies remained unchanged.

The Director of Research at AKD Securities, noted that investor optimism is fueled by the anticipation of meeting all International Monetary Fund (IMF) requirements to unlock a $7 billion Extended Fund Facility.

He also highlighted the impact of the SBP’s aggressive monetary easing during its recent meeting.

On Thursday, the IMF confirmed that its board will convene on September 25 to discuss the new Extended Fund Facility. The central bank’s decision to lower the key policy rate from 19.5% to 17.5% was in response to calls for a significant rate cut.

The CEO of Topline Securities, Mohammed Sohail, stated that the announcement of the IMF board meeting date and the recent rate cut significantly improved market sentiment. However, he warned that uncertainty surrounding potential foreign selling, due to FTSE rebalancing, is keeping share prices in check.

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The Director of Research at Chase Securities, Yousuf M. Farooq, echoed this sentiment, attributing the market rally to the impending IMF board meeting scheduled for the 25th. He noted that the 200 basis point rate cut exceeded market expectations, leading to anticipations of further reductions in the upcoming monetary policy statement.

Despite these positive developments, Farooq highlighted that the FTSE rebalancing and expectations of foreign selling are tempering the rally. Nonetheless, he expressed optimism, suggesting that with a stabilizing economy supported by a new IMF program, a broad-based upward adjustment in the market could be expected over the next year.

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