Bulls take control of PSX as shares climb 1,000 points
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Bulls dominated the trading floor at the Pakistan Stock Exchange (PSX) as shares climbed 1,000 points on Friday.
The benchmark KSE-100 index climbed 1,096.00 points, or 0.97 per cent, to stand at 114,302.40 from the previous close of 113,206.40 at 4:12pm.
Finally, the index closed at 114,255.72, up by 1049.32 or 0.93pc, from the last close.
Yousuf M. Farooq, director of research at Chase Securities, said, “The market has started to recover after last month’s correction.”
He also noted that the year-on-year Sensitive Price Index (SPI) had declined to just 0.44pc, and the Consumer Price Index (CPI) was expected to fall below 3pc, making “single-digit interest rates a real possibility in 2025”.
“The economy is on a recovery path, but a sharp rise in imports or excessive government spending remain major risks for the external account and the stock market,” he said, adding that “all eyes are now on the next IMF review in March”.
Yesterday, the stock market had snapped a three-session losing streak as bulls drove bears out on aggressive value-hunting across the board, propelling the benchmark KSE 100 index above the 113,000 level.
Analysts had attributed the bullish momentum to speculations in the earning season ahead of major earnings announcements this week, adding that the IMF proposals to ease the gas circular debt issue and commitments from the US investor delegation supported the bullish activity at PSX.
