KARACHI
\nThe benchmark index of the Pakistan Stock Exchange (PSX) continued its record-breaking rally and crossed the 61,000 milestone briefly on Wednesday.
\nAccording to the PSX website, the KSE-100 index briefly touched 61,412.41 points in early morning trade, up 682.15 or 1.12 per cent from the previous close of 60,730.26.
\nHowever, at closing time, the index shed much of its gains and traded in the red. The benchmark index closed at 60,501.99, decreasing by 228.27, or 0.38pc, from the previous close.
\nAccording to analysts, the rally in stock prices witnessed since the beginning of 2023-24 has been one of the fastest in the last two decades. Yesterday, the benchmark of representative shares had galloped higher and crossed the 60,000 barrier.
\nDollar inflows, especially from overseas corporate investors, have helped sustain the bull run that has tossed the index up by more than 38 per cent in the last five months alone.
\nSpeaking to Dawn.com, Tahir Abbas, head of research at Arif Habib Limited, said, \u201cProfit taking was witnessed in the market today after a consecutive positive streak of 7 sessions with 6.4pc gains (plus 3,667 points).\u201d
\nHe added, \u201cCorrection is always healthy for the market and we believe that the positive momentum of the market will continue going forward.\u201d
\nSpeaking to Dawn.com, Topline Securities chief executive Mohammed Sohail attributed today\u2019s hike in early morning trade to foreign buying ahead of the MSCI review, which provides global indices for passive investments, on November 30.
\n\u201cMoreover, expectations of further reduction in yields in today\u2019s T-bill auction is also a good news for local investors,\u201d he said, explaining that the reduction in yields is an indication of a decrease in interest rates.
\nSana Tawfik, deputy head of research at Arif Habib Limited, said the bullish momentum will continue in near term and may get further boost once the International Monetary Fund\u2019s executive board approves the first review of the $3bn Stand-By Arrangement (SBA) leading to disbursement of about $700 million on Dec 8.
\nShe also highlighted that another positive development that took place today was the announcement of the quarterly GDP growth rate.
\nFor the first time, the National Accounts Committee (NAC) has issued GDP quarterly numbers which showcased growth of 2.13pc for the first quarter of July-September 2023-24. The NAC also approved the industry-wise methodology of compiling the quarterly GDP \u2014 an exercise supported by local and international think tanks and multilateral institutions.
\nTawfik further said that the expectations of yields going down in the T-bill auction also played the role of a catalyst in today\u2019s brief rise in trade volume.<\/p>\n","protected":false},"excerpt":{"rendered":"
KARACHI The benchmark index of the Pakistan Stock Exchange (PSX) continued its record-breaking rally and crossed the 61,000 milestone briefly on Wednesday. According to the PSX website, the KSE-100 index briefly touched 61,412.41 points in early morning trade, up 682.15 or 1.12 per cent from the previous close of 60,730.26. However, at closing time, the […]<\/p>\n","protected":false},"author":2,"featured_media":363666,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-371225","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\n