Pakistan Stock Exchange Continues Bullish Momentum
Market gains driven by hopes of lower interest rates and anticipated approval of IMF’s Extended Fund Facility
The Pakistan Stock Exchange has been on a bullish run, hitting record highs as the trading week began. The 100 Index saw remarkable gains, surpassing the 84,000 mark at one point, with an increase of 634 points.
Last week, the benchmark KSE-100 index rose by 2,239.83 points week-on-week, breaking through the significant psychological barrier of 83,000 for the first time and closing at a historic high of 83,531.96 points.
However, despite this positive trend, trading activity remained sluggish. Average daily trading volumes on the ready counter dropped by 12.1% to 343.89 million shares, compared to the previous week’s average of 391.07 million shares. Additionally, the average daily traded value fell by 1.3% to Rs 16.72 billion, down from Rs 16.94 billion the week before.
Foreign investors acted as net sellers, withdrawing $26.059 million from the local equity market. Overall, the total market capitalization rose by Rs 226 billion this week, reaching Rs 10.879 trillion.
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An analyst from AKD Securities observed that the market continued its upward trend, fueled by expectations of falling interest rates and the expected approval of the IMF’s Extended Fund Facility (EFF).
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