November 22, 2024 (MLN): Pakistan’s benchmark stock index closed in on the historic 100,000 mark as investors continued to pile into stocks amid positive macroeconomic indicators and falling bond yields.
The benchmark KSE-100 Index surged 2,057 points or 2.1% to 99,386 during intraday trade Friday.
The index is up 36,935 points or 59.1% so far this year.
Gains in today’s session were led largely by the Banking sector, adding over 1,360pts to the index
Habib Bank Ltd. and Meezan Bank Ltd. climbed as much as 10% daily limit after brokerage house KTrade gave an overweight stance to the banking sector Thursday.
According to analysts, it 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.
In the broader market, the All-Share Index was at 63,096.24 with a net gain of 963.61 points or 1.55%.
