- Kse-100 ends at 118,769.77 with a gain of 795.75 points.
- PSX reaches a new summit of 119,421.81 points.
- Low intraday market files of 118,525.00 points.
The stock market has reached a new summit of all time Thursday while investors were supported by the conditional provision of the International Monetary Fund (IMF) to approve the government’s circular debt management plan.
The bullish momentum has been further fed by current discussions concerning the privatization of public enterprises (SOES) and the expectations of a reduction in industrial power rates.
The KSE-100 index of the Pakistan Stock Exchange (PSX) KSE-100 won 795.75 points, or 0.67%, to close at 118,769.77, extending the bullish momentum which dominated the market during recent sessions. The index reached an intraday summit of 119,421.81, while the lowest level recorded was 118,444.03.
Prime Minister Shehbaz Sharif expressed satisfaction with the PSX reaching 119,000 points for the first time in history. He considered the positive commercial trend as a reflection of growing confidence between traders and investors in government policies.
The PM has attributed the improvement of economic indicators and the global commercial environment to government economic policies over the past year. He added that the government favors priority by providing an environment conducive to businesses and investments.
Meanwhile, the Director General and CEO of Arif Habib Commodities Ahsan Mehanti said: “The actions have reached a record level, led by first -rate scripts while investors weighed the provision of the IMF to approve the circular debt management plan of 1.5 billion rupees by the government.”
“Government deliberations on the privatization of public enterprises and the expectations of a reduction in industrial power tariffs have also played a catalyst role in the increased closure of the PSX,” he added
The feeling of investors remained optimistic as a result of reports that the IMF approved Pakistan’s demand to borrow 1.25 Billion of rupees ($ 4.5 billion) from national banks to reduce circular debt without adding to the country’s official public debt.
This development has strengthened market confidence and has led to an increase in investors’ entries seeking to capitalize on the expected economic improvements.
“The market has made a new high level, encouraging technical players to initiate new long positions,” said Ahfaz Mustafa, CEO of Ismail Iqbal Securities. “This, combined with IMF news and discussions on the resolution of circular debt, gives investors a renewal of trust.”
The upward trend was also supported by the 392 billion rupees of the government raised on Wednesday thanks to the auctions of the market treasury bills. However, this did not achieve the target of 800 billion rupees and was less than the amount of the deadline of 513 billion rupees.
According to the State Bank of Pakistan (SBP), the breakdown yields on cash bills remained largely stable, with the exception of the 12 -month document, which experienced a slight increase of 26 basic points (BPS) to 11.8999%.
The yield on the one -month treasure bill was 12.0498%, while three -month paper remained unchanged at 11.8242%. The six -month T invoice ended stable at 11.6699%.
The stock market has now displayed gains for five consecutive sessions, with the Haussier rally led by energy and banking actions.