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The Pakistan Stock Exchange (PSX) surged past the 69,000 mark on Monday, driven by a combination of key factors, signaling a significant milestone for the country’s financial markets.
The benchmark KSE-100 index exhibited a remarkable performance, gaining 1,203.20 points or 1.76%, closing at an unprecedented 69,619.98 points. This surge marked a substantial increase from its previous close of 68,416.78 points. Reports from Arif Habib Limited on X, formerly Twitter, confirmed the PSX’s attainment of an all-time high by crossing the coveted 69,000 threshold.
As per Geo News, Samiullah Tariq, the head of research at Pak-Kuwait Investment Company, attributed this remarkable upturn to several contributing factors. Economic stability played a pivotal role, alongside the anticipation of a prospective agreement with the International Monetary Fund (IMF) and the ongoing efforts towards the privatization of state-owned entities, notably Pakistan International Airlines (PIA).
Khurram Shehzad, CEO of Alpha Beta Core financial advisory firm, underscored the growing confidence among investors, citing the resumption of the privatization process as a significant catalyst. Shehzad emphasized the prioritization of entities grappling with financial losses in order to bolster government fiscal conditions. Additionally, he highlighted the forthcoming IMF tranche expected to provide further support to external factors.
The upbeat sentiment continued as the trading week concluded, with expectations of continued positive performance in the short week ahead. Traders expressed optimism despite the abbreviated trading schedule leading up to the extended Eid holidays.
Looking forward, brokerage firm Arif Habib Ltd. forecasted a sustained positive outlook for the market in the upcoming week. They emphasized that developments related to state-owned enterprises’ privatization and potential advancements in the Extended Fund Facility (EFF) program with the IMF would serve to bolster market sentiment.
