Business

PSX hits new milestone as KSE-100 index jumps past 55,000 mark

Published

1 year ago

Farwa

KARACHI: The Pakistan Stock Exchange (PSX) started the day on a positive note as it jumped past the 55,000 barrier during the intraday trading on Friday, setting a new milestone.

The KSE-100 index reached 55,253.19 points, up by 991.77 or 1.83% from the previous close of 54,261.42 at around 10:10am.

According to Arif Habib Limited on X, formerly Twitter, the KSE-100 index crossed the 55,000 level trading to reach at an all time high.

KSE100 crossed 55k level trading at all time high

KSE-100 index went up by 841 points (55,102 pts, +1.55%, on intraday basis) DoD ; crossing 55k level.@Pakstockexgltd #KSE100 #PSX #Equities #Pakistan pic.twitter.com/fipHcVda5d
— Arif Habib Limited (@ArifHabibLtd) November 10, 2023

Speaking to Geo.tv, Arif Habib Limited (AHL) Head of Research Tahir Abbas said that the expectations of getting through with the International Monetary Fund’s (IMF) first review have driven the market.

“Moreover, peaking out inflation and interest rates alongside expected monetary easing, and attractive valuations despite the market being at an all-time high is garnering investors sentiment at the local bourse,” he added.

Head of Equities at Intermarket Securities Raza Jafri said the KSE-100 continues to make new highs on strong domestic institutional buying and reducing Pakistan Investment Bond (PIB) yields.

He also attributed the increase to higher weight for Pakistan in coming review by global index provider MSCI and the high dividend yielding stocks.

“The ongoing IMF review is the next key checkpoint,” he added.

Business

E&P Companies Will Invest $5 Billion in Pakistan’s Petroleum Industry

Published

4 hours ago

Farwa

Over the next three years, local and foreign companies involved in Pakistan’s oil and gas exploration and production sector have shown a strong desire to invest more than $5 billion in the nation’s energy sector.

Recent changes to the Petroleum Policy and the implementation of an exclusive tight gas policy, which provide better incentives and a more investor-friendly regulatory framework, are credited with the increase in investor confidence.

These strategic changes are expected to boost domestic energy production, open up new avenues for growth, and draw large amounts of both domestic and foreign investment.

Business

With inflation slowing, the SBP is anticipated to lower the policy rate for the eighth time in a row.

Published

5 hours ago

Farwa

Businesspeople anticipate another reduction in the policy rate when the State Bank of Pakistan’s (SBP) Monetary Policy Committee (MPC) releases the updated rate.

The interest rate for the upcoming two months will be announced by the central bank. It is still unclear if the rate will stay the same or be lowered to reflect stakeholder expectations.

According to experts, the policy rate will be lowered in order to further boost the nation’s economic sector.

Interest rates may be lowered for the seventh time in a row if the inflation rate declines significantly more than anticipated.

In its last six sessions, the MPC had cut the policy rate by 10 percent. In January 2025, it decreased the rate by one percent to 12pc.

12PC POLICY RATE

In January, the State Bank of Pakistan (SBP) announced cut in key policy rate by 100 basis points (bps) to 12 percent from 13pc in line with expectations of the business community.

The policy rate, which had been at 22 percent since June 2024, was slashed by 1,000 basis points to 12 percent.

The SBP governor said the decision was taken with careful consideration. “Although inflation is expected to decline next month (February), core inflation remains a pressing concern,” he stated.

Ahmed highlighted strong remittance inflows and robust export growth as key factors supporting the current account.