Skip to main content

Shares at PSX rally 600 points in intraday trade

Bulls continued their stampede at the Pakistan Stock Exchange (PSX) as shares rallied more than 600 points in intraday trade on Wednesday.

The benchmark KSE-100 index climbed 628.14 points, or 0.79 per cent, to stand at 80,119.27 points from the previous close of 79,491.13 points at 11:33am.

Awais Ashraf, director research at AKD Securities, said that investor sentiment was being driven by “expectations of the IMF Executive Board’s approval of the US$7 billion Extended Fund Facility, coupled with improvements in key economic fundamentals”.

Earlier, the International Monetary Fund had confirmed that the Fund’s board will meet on September 25 to discuss the loan facility for Pakistan.

The Prime Minister Shehbaz Sharif-led government initially expected to secure a deal with the Fund in August after the lender approved the 37-month programme agreed upon in July. The country also raised its tax revenue target by a record 40pc and hiked energy prices to meet the global lender’s demands.

“Additionally, the decline in oil prices has increased the likelihood that the State Bank of Pakistan (SBP) will continue its aggressive monetary easing,” he highlighted, adding that it currently “upholds a positive real interest rate of 7.9pc”.

On September 12, the State Bank of Pakistan (SBP) had announced its decision to cut its key policy rate by 200 basis points (bps) to 17.5pc from 19.5pc amid demands for a major rate cut.

Regarding the upward trajectory, Ashraf noted, “Of the 593 positive points in the index, Mari Petroleum Company Limited contributed 321 points, following its second trading session after a 900pc bonus adjustment.”

Shahab Farooq, director research at Next Capital Limited, stated that although the FTSE rebalancing remained a concern for the market, positive news regarding the IMF’s Executive Board meeting helped market sentiments.

Additionally, he said that assurance of $2bn loan from the Asian Development Bank and expectations inflationary pressure to be below 8pc for the month of September fuelled positive sentiments.

“Market outlook is positive with rebalancing-related foreign selling is expected to end this week,” he added.

More to follow



from The Dawn News - Home https://ift.tt/i4y6Pqm
Labels:

Comments

Post a Comment

Popular posts from this blog

Dodgers’ Shohei Ohtani skipping home run derby

Baseball’s biggest star is skipping the home run derby. Shohei Ohtani confirmed after Tuesday’s win over the Diamondbacks that he will not be participating as he continues to rehab an elbow injury that has prevented him from pitching this season. “There’s been some conversations going on,” Ohtani said, according to Juan Toribio of MLB.com . “I’m in the middle of my rehab progression, so it’s not going to look like I’ll be participating.” Manager Dave Roberts said Ohtani and the club reached the decision together. Ohtani signed a historic 10-year, $700-million contract with the Dodgers after winning his second AL MVP award last season with the Angels. Despite his elbow injury, he has served as the Dodgers’ primary DH this season and been one of the most productive hitters in baseball. Ohtani entered Tuesday hitting .316/.399/.635 with a 1.034 OPS. He hit his NL-leading 27th home run in the win. Ohtani had previously participated in the Derby in 2021. Last season’s champion, Vlad...
Post a Comment
Read more

Pakistan flag installed at UNSC as country becomes non-permanent member for 8th time

The Pakistani national flag was installed in front of the United Nations Security Council chamber, as the country began its eighth term as a non-permanent member (2025-26) of the 15-member body, according to a press release issued by the Permanent Mission of Pakistan to the United Nations on Thursday. Pakistan on Wednesday began a two-year term as a non-permanent member of the United Nations Security Council (UNSC). Elected in June to replace Japan, Pakistan now occupies one of the two Asia-Pacific seats on the UNSC. It will preside over the council in July, a key opportunity to set the agenda and foster dialogue. View this post on Instagram This marks Pakistan’s eighth term on the council, providing an opportunity to shape discussions on pivotal international issues, but also posing significant challenges. “As part of the joining ceremony, flags of the five new incoming non-permanent members — Pakistan, Denmark, Greece, Panam...
Post a Comment
Read more

Heathrow resumes operations as global airlines scramble after shutdown

London’s Heathrow Airport resumed full operations on Saturday, a day after a fire knocked out its power supply and shut Europe’s busiest airport, causing global travel chaos. The travel industry was scrambling to reroute passengers and fix battered airline schedules after the huge fire at an electrical substation serving the airport. Some flights had resumed on Friday evening, but the shuttering of the world’s fifth-busiest airport for most of the day left tens of thousands searching for scarce hotel rooms and replacement seats while airlines tried to return jets and crew to bases. Teams were working across the airport to support passengers affected by the outage, a Heathrow spokesperson said in an emailed statement. “We have hundreds of additional colleagues on hand in our terminals and we have added flights to today’s schedule to facilitate an extra 10,000 passengers travelling through the airport,” the spokesperson said. The travel industry, facing the prospect of a financial ...
Post a Comment
Read more