Extensive buying keeps PSX on bullish streak
Business
Across the board buying was observed in key sectors
KARACHI (Dunya News) – Bullish momentum persisted in the Pakistan Stock Exchange (PSX) on Thursday as the benchmark KSE-100 index hovered at 118,806 after gaining more than 300 points during the early hours while closing at 117,806 points.
Across the board buying was observed in key sectors, including commercial banks, fertiliser, power generation, and oil and gas exploration companies.
Other than that, index-heavy stocks, including MARI, POL, HBL, MCB, UBL, KOHC, and LUCK, traded in the green, benefitting from the omnipresent positive sentiment in the market.
Market analysts link the latest surge of bulls in the PSX with staff-level agreement between the International Monetary Fund (IMF) and the Pakistani authorities after the first review under Pakistan’s Extended Fund Facility (EFF) and on a new arrangement under the Resilience and Sustainability Facility (RSF).
Besides, a recent research conducted by the Oil and Gas Development Company (OGDC) and the Pakistan Petroleum Limited (PPL) over the feasibility of the Reko Diq project in Balochistan also sent positive signals to the investors.
It must be remembered that he bulls rallied swiftly following the staff-level agreement with the global lender, with the KSE-100 Index hovering at 118,220 at one point while closing at 117,178 points at the end of trading with an increase of 1,139 points on Wednesday.
