PSX soars to all-time high, crosses 53000 barrier. In a historic leap, the Pakistan Stock Exchange (PSX) surged over 400 points, crossing the unprecedented 53,000-point threshold. This achievement, marking a gain of 454.54 points or 0.86%, signifies a significant milestone as the KSE-100 index touched a record high.
The remarkable ascent, witnessed on Friday, is attributed to several key drivers, foremost among them being the highly anticipated successful International Monetary Fund (IMF) review.
The prospect of a positive evaluation by the IMF has notably bolstered investor confidence and market optimism.
The latest data positions the market at 53,111.30 points, setting a new pinnacle for the KSE-100 index.
Arif Habib Limited, in a statement shared on social media platform X (formerly Twitter), expressed awe at the market’s outstanding performance, hailing it as a herald of a new era in financial excellence.
Renowned capital market expert Saad Ali shed light on the market’s dynamic momentum, citing the diminishing political risks, favorable macroeconomic indicators, the hopeful outlook for an IMF review, and the expectation of impending interest rate reductions as key drivers behind this surge.
Despite the positive market indicators, Ali pointed out that the market’s valuation remains relatively low, with forward earnings multiple of only 4x compared to historical standards.
Offering further insights, Samiullah Tariq, the Pakistan-Kuwait Head of Research, emphasized robust earnings, the optimistic forecast for the IMF review, and the potential decrease in interest rates as pivotal factors propelling the market’s upward trajectory.
This latest surge follows the stock exchange’s recognition in October as the world’s third best-performing market, achieving a six-year high at 51,920 points.
The convergence of favorable indicators, such as reduced political risks, optimistic macroeconomic markers, and the expectation of policy adjustments, has significantly boosted investor sentiment and propelled the Pakistan Stock Exchange to unprecedented highs.
However, as with any market movement, potential risks and fluctuations should be carefully considered in assessing future performance.
PSX soars to all-time high, crosses 53000 barrier, check the Tweet:
“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
