Karachi
\nThe Pakistan Stock Exchange (PSX) on Wednesday gained 335 points to close at 78,275 points, with analysts attributing the gain to expectations that the proposed budget would eventually be passed, which would then pave way for striking a deal with the International Monetary Fund (IMF).
\nLast week, the PSX crossed 80,000 points during intraday trade before closing at a sustained record high.
\nThe index today gained 335.06 points or 0.43 per cent while reaching a high of 78,679.49 points in the day before closing at 78,275.64.
\nChief executive of EFG Hermes Pakistan Raza Jafri told Dawn.com that it looked as if the budget presented by the foreign minister on June 12 would pass without \u201cany hiccups\u201d which should help Pakistan in securing another IMF program.
\n\u201cThe market is reacting positively to this,\u201d he said, adding that with monetary easing also underway, investors were focusing on high dividend yield stocks that would continue to look attractive against fixed income as interest rate cuts picked pace.
\nSyed Faran Rizvi, head of equity sales at JS Global Capital, said: \u201cThe PSX responded positively to the budget, with the market reaching the 80,000 index mark last week.\u201d
\n\u201cHowever, investors expressed concerns about new tax impositions, particularly in the textile sector and among milk producers,\u201d Rizvi said.
\n\u201cDespite this, we maintain our belief that market multiples remain attractively priced, and we have our sights set on PSX reaching 100,000 by December 2024,\u201d he added.
\n\u201cThe declining interest rate cycle and positive macroeconomic indicators should further boost investor confidence in this asset class,\u201d Rizvi said.
\nAKY Securities Chief Executive Officer Amin Yousuf said that market showed positive numbers during the day, adding that it seemed buying was available in the market.
\n\u201cIt seems as if the growth would maintain, there is no negative news in the market,\u201d Yousuf said.<\/p>\n","protected":false},"excerpt":{"rendered":"
Karachi The Pakistan Stock Exchange (PSX) on Wednesday gained 335 points to close at 78,275 points, with analysts attributing the gain to expectations that the proposed budget would eventually be passed, which would then pave way for striking a deal with the International Monetary Fund (IMF). Last week, the PSX crossed 80,000 points during intraday […]<\/p>\n","protected":false},"author":2,"featured_media":414821,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-414796","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\n