Bulls break past 96,000 barrier amid improved economic activity
Business
Benchmark KSE-100 index trading at 96,700 points after gaining 850 points
KARACHI (Dunya News) – The Pakistan Stock Exchange (PSX) continued to witness bulls’ surge on the back of encouraging statements from the International Monetary Fund (IMF) mission during its recently concluded visit.
The benchmark KSE-100 index was trading at 96,700 points after gaining 850 points on Wednesday.
There was enhanced buying in multiple sectors including cement, commercial banks, oil and gas exploration companies, OMCs, pharmaceuticals and power generation.
Index-heavy stocks, including HUBCO, PSO, MARI, OGDC, PPL, MEBL and MCB also experienced financial windfall.
This sustained bullish momentum in the market is believed to be caused by several factors which mainly includes rebuttal of news by Finance Minsiter Muhammad Aurangzeb regarding possibility of a mini-budget.
Besides, an increase in Pakistan’s Foreign Exchange Reserves also helped elevate investors’ confidence.
It must be remembered that the benchmark KSE-100 index closed at 95,865 points on Tuesday.
