Achi news desk-
- KSE-100 gains more than 1,200 points on Monday.
- Stock market closes in green at 69,619.98 points.
- PSX is trading at an all-time high, says Arif Habib Limited.
KARACHI: The Pakistan Stock Exchange (PSX) reached a new milestone on Monday as it crossed the 69,000 mark due to several factors including stability in the economy.
The benchmark KSE-100 index gained 1,203.20 points or 1.76% to close at 69,619.98 points, up from the previous close of 68,416.78 points.
According to Arif Habib Limited on X, formerly Twitter, the KSE-100 index crossed 69,000 and is trading at an all-time high.
Samiullah Tariq, head of research at the Pak-Kuwait Investment Company, attributed the gains to the economic stability, the hopes of the new agreement of the International Monetary Fund (IMF), the privatization of the Pakistan International Airlines (PIA).
Khurram Schehzad, CEO of financial advisory firm Alpha Beta Core, said investors had gained confidence because of “resuming the privatization process with the loss-makers as a priority so that government financiers can recover”.
“[This is] and then the last tranche of the IMF to be received in the coming week to support externals.”
Stocks ended the outgoing week on a high note, with expectations set for a positive performance in the coming short trading week, which will span just two days before the extended Eid holiday, traders told The news.
“During the coming week, we expect the market to remain positive,” said brokerage Arif Habib Ltd. “Developments related to the SOEs (state-owned enterprises) privatization program or the EFF (Extended Fund Facility) program with the IMF will further improve market sentiment.”
The market closed at 68,417 points, increasing by 1,412 points or 2.11% week on week.
