Business

PSX soars to all-time high on positive macros

Published

1 year ago

Farwa

KARACHI: The Pakistan Stock Exchange (PSX) Friday soared to an all-time high as it rallied over 400 points — crossing the 53,000 barrier — driven by positive cues including the expectations of clearing the International Monetary Fund (IMF) review.

Currently, the market stands at 53,111.30 points with a gain of 454.54 or 0.86% points. This is the first time the KSE-100 index has breached the 53,000-mark.

Benchmark KSE-100 index. — PSX data portal

Arif Habib Limited wrote on X, formerly Twitter, that the market has achieved a remarkable milestone by soaring to unprecedented all-time high levels, surging past previous records and “setting a new era of financial excellence”.

"PSX Market Soars to All Time Highs”, Igniting Frenzy!

The market, for the very first time in its history, has achieved a remarkable milestone by soaring to unprecedented all-time high levels, surging past previous records and setting a new era of financial excellence.… pic.twitter.com/uO8cCwjLVl
— Arif Habib Limited (@ArifHabibLtd) November 3, 2023

Capital market expert Saad Ali told Geo.tv that the market was driven by abating political risk, macro indicators moving in the right direction, the expectation of a favourable IMF review and anticipation of rate cuts in the near term.

“However, the market remains cheap by historical standard at only 4x forward earnings,” he said.

Pakistan-Kuwait Head of Research, Samiullah Tariq, told Geo.tv: “Strong earnings, expectations of clearing IMF review, and expectations of a decline in interest rates in the future are driving the market.”

In October, the KSE-100 index was announced as the world’s third best-performing market as it touched a six-year high level of 51,920 points.

A day earlier, the IMF delegation in Pakistan lauded the steps taken by Pakistan but emphasised that Pakistan has to strictly implement all the targets.

The IMF mission led by Nathan Porter had arrived in Pakistan a day earlier to lead the two-week-long talks on the second tranche under the SBA.

Dr Akhtar assured the IMF that targets are being implemented under the loan programme and that all the conditions of the IMF have been implemented so far.

Business

With its second-largest surge ever, PSX approaches 114,000 points.

Published

2 days ago

Farwa

Driven by renewed activity from both private and government financial institutions, the Pakistan Stock Exchange (PSX) saw its second-largest rally in history on Monday.

The market regained many important levels in a single trading session as it rose with previously unheard-of momentum.

Intraday trading saw a top increase of 4,676 points, and the PSX’s benchmark KSE-100 Index gained 4,411 points to settle at 113,924 points. This impressive rebound demonstrated significant investor confidence by reestablishing the 100,000, 111,000, 112,000, and 113,000-point levels.

The market also saw the 114,000-point limit reestablished during the trading session.

The positive tendency was reflected when the market’s heavyweight shares touched its upper circuits. Among the most busiest trading sessions in recent memory, an astounding 85.78 billion shares worth a total of Rs55 billion were exchanged.

Experts credited the spike to heightened institutional investor activity and hope for macroeconomic recovery. Considered a major market recovery, the rally demonstrated the market’s tenacity and development potential.

Business

In interbank trade, the Pakistani rupee beats the US dollar.

Published

1 week ago

Farwa

In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

Business

Phase II of CPEC: China-Pakistan Partnership Enters a New Era

Published

1 week ago

Farwa

The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.