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A man takes a photo of the electronic board at the Pakistan Stock Exchange, in Karachi November 28, 2023. — Reuters
#PSX #rally #lifts #KSE100 #mark
The stock market started on Saturday with a hike with remittances, strong reserves of foreign exchange, and around corporate income.
Arif Habib Ajnas Managing Director and CEO, Ahsan Mahani, said, “This week, the revenue weather was announced in newcomers to high images in the revenue season, thin inflation, rising exports, SOE’s privatization and rising global crude oil prices.
The Pakistan Stock Exchange (PSX) Benchmark KSE-100 Index closed at 136,502.53 points, closing 2,202.77 points or 1.64 % from the previous close of 134,299.76.
The index climbed at the intra -day height of 136,841.49, which achieved 2,611.73 points or 1.94 %, while touched a lower of 134,937.43, reflecting a 637.67 point, or an increase of 0.47 %.
Prime Minister Shahbaz Sharif expressed satisfaction over the KSE -100 index, crossing the 135,000 -point milestone, which reflects the growing confidence in investors and the business community. He said that improving the recent rally and economic indicators shows that the government’s policies are moving in the right direction.
The Prime Minister reiterated that ensuring a business friendly environment has become a top priority, adding that after stability, the country has entered a phase of economic growth and the government is committed to national development and public welfare.
Analysts expect positive emotions this week, supporting the record -breaking remittances, raised in foreign exchange reserves, and better economic indicators.
The focus of investors will probably remain on corporate income, planned panda bond issuance, and further progress on foreign funding and loan management.
Free investment and economic analyst AAA Soomro rally rally on FX’s reserves on the verification and improvement of the IMF.
Robbling investors’ confidence, a resident of the International Monetary Fund (IMF) for Pakistan had said a day earlier that the country’s performance under the expansion fund facility (EFF) has been “strong” so far.
He added that preliminary policy measures have helped restore economic stability and rebuild investors’ confidence, despite permanent external challenges.
Pakistan received the highest annual workers remittances so far, which is a total of $ 38.3 billion for the fiscal year 25, which is 27 % of the year (YOY). In June alone, the arrival of 4 3.4 billion was seen, an increase of 8.0 % over the same month of the same year. The flow significantly reinforced the country’s external status, lifting the investors’ confidence.
In addition, the State Bank of Pakistan (SBP) reported that its foreign exchange reserves increased by $ 1.8 billion on a week a week and reached $ 14.5 billion for the week ending July 4, with a height of 39 months. With the inclusion of commercial bank reserves, the country’s total foreign reserves have now crossed the $ 20 billion mark for the first time in three years.
Meanwhile, the preparations for the release of Pakistan’s first Panda Bond are developing, to finalize arrangements with high -level meetings in China this week.
The bond, which will be expected later this year, will help to diversify Pakistan’s financing sources and strengthen the stability of its external account.
On Friday, the KSE-100 increased by 517.42 points, or 0.39 %, which reached 133,782.35 points recorded in the last session to 134,299.77 points. The highest index of the day was at 134,931.96 points, while the lowest level was recorded at 134,130.41 points.
