All eyes on KSE-100 as it nears 100,000

MG News | November 25, 2024 at 09:39 AM GMT+05:00

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November 25, 2024 (MLN): All eyes are on the benchmark KSE-100 Index, which is inching closer to the historic 100,000 milestone, currently trading at 98,164.24 [9:47 am] some 1,800 points away.

The positivity stems from the strong investor confidence, supported by positive macroeconomic indicators and falling bond yields, which drove the market’s bullish momentum.

On Friday, the benchmark index gained 469.84 points (+0.48%) to close at 97,798.23 after reaching an intraday high of 99,623.03.

According to analysts, KSE-100 is expected to rally above 120,000 by the end of next year on the back of improving macro indicators and falling bond yields which is flushing more liquidity in equities.

Mutual funds have piled over $132 million into Pakistani stocks since January as bond yields fall. The State Bank of Pakistan has cut interest rates by a cumulative 700bps to 15% from 22% in May 2024.

The All-Share Index was at 62,376.87 in the broader market with a net gain of 280.51 points or 0.44%.

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