PSX scales to new peaks amid hopes of securing longer IMF deal

KARACHI: The Pakistan Stock Exchange (PSX) continued to extend its post-budget rally on Friday as it reached new heights by crossing the 79,000 mark during the early hours of trading. 

PSX’s benchmark KSE-100 shares index gained 1,003.49 points or 1.27% to reach at 79,969.81 points, up from the previous close of 78,801.53 points. 

At one point during the intraday trading, the stocks touched the 80,000 mark — the highest-ever in the PSX history. 

EFG Hermes Pakistan’s CEO Raza Jafri, while speaking to Geo.tv, said that the post-budget rally continues with Fitch’s recent comments lending further credence to the view that Pakistan will be able to secure a new International Monetary Fund (IMF) program. 

“Domestic liquidity is also strong, with equities looking increasingly attractive given monetary easing has commenced,” he said. 

Meanwhile, Alpha Beta Core CEO and economic analyst Khurram Schehzad said that expectations from the budget FY25 paving the way for the larger and the longer IMF program have improved local and foreign portfolio investors’ confidence.

More to follow…