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PSX soars to all-time high on positive macros

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2 years ago

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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
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”. 

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.

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Business

Robust activity lets PSX climb above 115,000 level again.

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5 months ago

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On Friday, the Pakistan Stock Exchange (PSX) resumed its upward trend, crossing 115,000 points once more.

The PSX had strong action in the morning session, as the KSE-100 index increased by 1,000 points to 115,138.

The notoriously volatile PSX closed Thursday at 114,037 points, up 594 points.

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Meanwhile, in the interbank market this morning, the US dollar fell 7 paisas to Rs278.65 against the Pakistani rupee.

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SBP will announce monetary policy on January 27.

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5 months ago

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The State Bank of Pakistan (SBP) will release its monetary policy on Monday.

The Monetary Policy Committee (MPC) of the SBP will convene on the first day of the following week to make decisions on monetary policy.

The Monetary Policy decision will be announced by Governor SBP Jameel Ahmad at a news conference on the same day after the MPC meeting, according to an official release.

In December, the central bank reduced policy rates by 200 basis points (bps) to 13 percent.

“In November 2024, headline inflation fell to 4.9 percent year on year, meeting the MPC’s estimates. This decrease was mostly caused by the ongoing decline in food inflation and the phasing out of the impact of the gas tariff increase in November 2023,” SBP stated in an official release.

“However, the Committee noted that core inflation, at 9.7 percent, is proving to be sticky, while consumer and business inflation expectations remain volatile.” To that end, the Committee restated its previous assessment that inflation may remain volatile in the short term before stabilizing within the target range.

“At the same time, growth prospects have slightly improved, as evidenced by a recent increase in high-frequency indicators of economic activity.” Overall, the Committee concluded that its approach of gradual policy rate decreases is keeping inflationary and external account pressures under control while promoting long-term economic growth.

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Finance Minister Meets With World Leaders at World Economic Forum in Davos

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5 months ago

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During his attendance at the World Economic Forum in Davos, Switzerland, Finance Minister Muhammad Aurangzeb has met with officials of organisations and leaders of many nations.
Bangladesh’s Chief Advisor, Muhammad Younas, met with Mohammad Aurangzeb.
On the fringes of the World Economic Forum’s Annual Meeting 2025 Opening Banquet, there was an informal meeting.
Additionally, the Finance Minister met with Anwar Ibrahim, the Prime Minister of Malaysia.
Both leaders discussed economic cooperation and bilateral ties.
Muhammad Aurangzeb also had a meeting with Dp World’s Rizwan Soomro and Yuvraj Narayan.
They talked about how to strengthen Pakistan’s logistics and infrastructure systems to support trade.
“The Pakistani government is committed to advancing joint projects and values partnerships in both business-to-business and business-to-government cooperation,” the finance minister added.

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