In the beginning of Tuesday’s trading session, stocks of the Karachi Stock Exchange briefly breached a resistance barrier of 81,000 points before succumbing to a sudden late selling pressure brought the index to a bare close, traders said.
A lackluster gain of 106 points or 0.13% could be seen in the benchmark KSE-100 index of the Pakistan Stock Exchange (PSX). This index rose by 483.98 points or 0.6% to touch 81,050.18 points during the intraday trade at 11:40am; however, in the end, it settled at 80,672.06 points with a gain of 483.98 points or 0.6%.
Analyst Ahsan Mehanti of Arif Habib Corp explained to me that the stock price reached an all-time high as investors contemplated the privatization of government-owned companies (SOEs) after the Prime Minister Shehbaz Sharif assured them of the intention to conduct a bid process in August for Pakistan International Airlines (PIA).
Mehanti also attributed the gains to the stabilization of the rupee as well as the possibility of another deal with the International Monetary Fund (IMF) that investors hope will spur the recovery of the rupee.
According to him, the easy SBP (State Bank of Pakistan) policy rates were one of the factors that contributed to bullish activity on PSX.
It is important to emphasize that Alpha Beta Core’s CEO and economic analyst Khurram Schehzad said, “The new IMF talks will soon get underway for the new larger and longer programme, which will give investors more confidence in economic reforms and more stability in the economy.”.
According to the report, this has resulted in the market being inexpensive on multiples, so investors continue to take exposures to the market.
At 80,566.21 points on the closing day, stocks had gained 353.41 points, or 0.44%, to close at 80,566.21 points on the previous day.
Timenews1 provided that news.
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