The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index crossed the 47,000 mark on Thursday for the first time since November 2021.
The benchmark index hit an intra-day high of 47,393.47, before retreated slightly to close at 47,076.99 points, after gaining 394.47 points.
According to Arif Habib Limited, the market has gained 5,624 points (+13.6 percent) since the staff level agreement with the International Monetary Fund (IMF) on June 29.
KSE100 crossed 47k level after 21 months
KSE-100 index went up by 394 points (+0.85%) DoD & closed at 47,077 points; ; the 47k level crossed after ~21 months (last seen on Nov 08, 2021).
The market gained 5,624 points (+13.6%) since staff level agreement with the IMF for SBA.… pic.twitter.com/YoZ3KW7Pvb
— Arif Habib Limited (@ArifHabibLtd) July 27, 2023
Commenting on the development, Topline Securities CEO Mohammed Sohail said that the main factors of this rally include the IMF deal, dollar inflows from friendly countries, increasing forex reserves, and falling inflation.
Pakistan Stock Market is best performing in the world in July with a USD gain of 15% (see Bloomberg picture enclosed)
Benchmark KSE 100 Index at 20 months high to reach 47077
Todays volume of PKR 28b (USD100m) at 19 months high
The main factors of this rally….IMF deal,… pic.twitter.com/z2UFL2F0Qa
— Mohammed Sohail (@sohailkarachi) July 27, 2023
He also mentioned that foreign portfolio investors are back with net buying of close to $18 million in July by foreign corporates.
The development was also shared by Finance Minister Ishaq Dar in a tweet.
