Analyst says market reacting positively due to optimism regarding new IMF programme
KARACHI: The Pakistan Stock Exchange (PSX) on Wednesday achieved a new milestone as the market crossed the 75,000 mark in the early hours of trading.
The benchmark KSE-100 index shot up to 75,115.32 during the intraday trading at 10:11am but came below the 74,000-mark. A day earlier the KSE-100 Index had closeed at 74,531.19 points.
Samiullah Tariq, the head of research at Pak-Kuwait Investment Company, told Geo.tv that the market reacted positively due to the optimism regarding the new International Monetary Fund (IMF) programme.
Tariq added that the expectations of an interest rate cut in the next monetary policy due to declining inflation is also pushing the market.
A day earlier, stocks soared to a fresh all-time high as investors bet on a successful outcome from talks with the IMF on a new loan program and hopes of Saudi investment.
The PSX closed at 74,531.19 points by gaining 732.08 points or 0.99% on Tuesday.
Details to follow…
