Update 2: KSE-100 Index continues bullish trend with a gain of over 800 points
Update 2: KSE-100 Index continues bullish trend with a gain of over 800 points
11:30
January 26, 2023
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January 26, 2023 (MLN): The benchmark KSE-100 upward trajectory continued with a gain of over 800 points (2.05%). The index is currently trading at 40,600.80 points on Thursday.
The positive turn at the Pakistan Stock Exchange (PSX) is attributed to the news of the refinery policy has been finalized, and the high chances of the IMF’s ninth review revival.
Sector-wise, commercial banks, fertilizer, cement, miscellaneous, and power gencos have witnessed the maximum gains so far.
Scrip-wise, CNERGY, HBL, MLCF, SNGP, BOP, PPL, and MEBL, observed the highest-buying activity.
In the previous week, the KSE-100 index lost almost 1,915.47 points (4.75% WoW) to close at the 38,407.98 level due to political uncertainty but this week turned positive as market crossed 40,000 index after the news of IMF programme to start soon.
Tahir Abbas, Head of Research at Arif Habib Limited said, “I believe that PKR depreciation is the main reason behind the sustainability in the market as currency devaluation was one of the primary conditions of IMF.”
He added, the government also assured IMF officials that Pakistan will comply with all the conditions to revive the stalled ninth review and will receive $1.2 billion which boosted the market.
