Bullish activity witnessed on strong earnings outlook and imminent receipt of IMF tranche, says analyst
\n islamabad
\nThe stock market rose on Monday as investors priced in an imminent International Monetary Fund (IMF) tranche and a stabilising regional backdrop amid earnings season momentum, with rupee steadiness and firming oil prices supporting risk appetite.
\nThe Pakistan Stock Exchange\u2019s (PSX) benchmark KSE-100 Index settled at 162,803.15 points, up 1,171.42 points, or 0.72%, from the previous close of 161,631.73.
\nDuring the session, the index climbed to an intraday high of 163,935.02, gaining 2,303.29 points, or 1.43%, and registered a low of 161,892.59, reflecting a gain of 260.86 points, or 0.16%.
\n\u201cBullish activity witnessed on strong earnings outlook and imminent receipt of IMF tranche. Rupee stability and surging global crude oil prices played a catalyst role in bullish activity at PSX,\u201d said Ahsan Mehanti, Managing Director and CEO of Arif Habib Commodities.
\nThe International Monetary Fund\u2019s board is expected to approve a $1.2 billion disbursement for Pakistan, with State Bank of Pakistan (SBP) Governor Jameel Ahmad telling analysts last week that a board meeting is likely by December to release funds under both the Extended Fund Facility and the Resilience and Sustainability Facility.
\nOn the macro front, weekly inflation measured by the Sensitive Price Indicator rose 0.12% in the week to October 30, taking the SPI to 335.53 from 335.14; on a year-on-year basis, the SPI was up 5.05%, according to the Pakistan Bureau of Statistics.
\nAfter a losing streak earlier in the week, the market turned higher on Friday, gaining 4,898.86 points (3.13%) to close at 161,631.73 from 156,732.87. Analysts expect range-bound trade in the near term as investors track IMF timing, earnings releases, and developments on the Pakistan-Afghanistan ceasefire.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bullish activity witnessed on strong earnings outlook and imminent receipt of IMF tranche, says analyst islamabad The stock market rose on Monday as investors priced in an imminent International Monetary Fund (IMF) tranche and a stabilising regional backdrop amid earnings season momentum, with rupee steadiness and firming oil prices supporting risk appetite. The Pakistan Stock […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-512506","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n