Benchmark KSE-100 shares index gains more than 1,000 points during intraday trade
\n KARACHI
\nAfter a galloping start, the Pakistan Stock Exchange (PSX) flat-lined on Friday following a roller-coaster ride, with record highs, fueled by hopes of a larger as well as long-term bailout deal with the International Monetary Fund (IMF), traders said.
\nIt brushed the 80,000 points mark in day trade; however, late selling rolled back early gains as investors harvested profits in an overbought market that has been on fire since the announcement of the budget.
\nThe PSX\u2019s benchmark KSE-100 Shares Index closed at 78,810.49 points, up 8.96 points or 0.01%, after touching an intraday high of 80,059.87\u2014 the highest level in history \u2014 and a low of 78,169.02.
\nOn Thursday, the banking sector remained in the limelight and the index gained nearly 2,100 points to settle at a new record high of 78,802 points mark on the first trading session after the Eid holidays.
\nFrom the outset, the market seemed to build on its post-budget momentum as it reached new highs during the intraday trade.
\nEFG Hermes Pakistan\u2019s CEO Raza Jafri, while speaking to Geo.tv, said that the post-budget rally continues with Fitch\u2019s recent comments lending further credence to the view that Pakistan will be able to secure a new International Monetary Fund (IMF) programme.
\n\u201cDomestic liquidity is also strong, with equities looking increasingly attractive given monetary easing has commenced,\u201d he said.
\nSelling pressure was observed in key sectors such as automobile assemblers, chemicals, cement, commercial banks, fertilisers, oil and gas exploration companies, and OMCs. Index-heavy stocks, including SHEL, SNGPL, PSO, OGDC, POL, and MEBL, posted considerable losses.
\nMeanwhile, Alpha Beta Core CEO and economic analyst Khurram Schehzad said that expectations from the budget FY25 paving the way for the larger and longer IMF programme have improved local and foreign portfolio investors\u2019 confidence. Earlier during the trading session, Mohammed Sohail, CEO of Topline Securities, said positive sentiments had been led by the tax-laden budget, \u201cwhich investors feel will help in securing the IMF long-term loan\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"
Benchmark KSE-100 shares index gains more than 1,000 points during intraday trade KARACHI After a galloping start, the Pakistan Stock Exchange (PSX) flat-lined on Friday following a roller-coaster ride, with record highs, fueled by hopes of a larger as well as long-term bailout deal with the International Monetary Fund (IMF), traders said. It brushed the […]<\/p>\n","protected":false},"author":2,"featured_media":413172,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-413790","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\n