KSE-100 index climbs beyond 49,000 points

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As the market continued to climb on the back of encouraging economic data on Thursday and soared beyond the 49,000 level to its highest in six years, the equities at the Pakistan Stock Exchange continued to experience an upward trend.

The benchmark KSE 100-share Index for the PSX increased by 560.20 points or 1.15% during intraday trading to reach 49,324.50 points, which is the highest level since June 9, 2017.

Since Pakistan and the IMF inked a staff-level agreement for the $3 billion Standby Agreement, the benchmark index has increased by 7,871 points.

Market experts have given a variety of causes for the market’s ongoing growth, including the State Bank of Pakistan’s (SBP) continued maintenance of the policy rate as-is.

According to Raza Jafri, head of equities at Intermarket Securities, the market has responded favorably to unaltered interest rates as the bullish trend persisted in August.

Foreign investors have contributed fresh capital, and sponsors have been buying shares, according to Jafri.

He said that while some profit-taking would be conceivable as the results season gains steam, the outlook for FY24 as a whole is still optimistic.

The optimism is still present, according to capital market specialist Saad Ali, since investors perceive fewer macro risks, political upheavals, and positive business performance.