PSX extends gains, crosses 55,000 milestone in intraday trade
The benchmark index of the Pakistan Stock Exchange (PSX) continued to extend gains on Friday and crossed the 55,000 barrier.
According to the PSX website, the KSE-100 index struck a high of 55,081.56 at 10am, rising 800 points or 1.51 per cent from the previous close of 54,261.42.
In a post on X (formerly Twitter), Arif Habib Limited said the index was trading at an “all-time high”.
Head of equity at Intermarket Securities, Raza Jafri, attributed the rally to strong domestic institutional buying and reducing Pakistan Investment Bonds (PIBs) yields.
He further stated that expectations of higher weight for Pakistan in the upcoming review of global index provider MSCI was combining to push up the benchmark index, especially in high dividend yielding stocks.
Meanwhile, FRIM Ventures Chief Investment Officer Shahbaz Ashraf said the main reason for the gains was that yields were coming down which had prompted domestic buying.
“Besides this, the technical reason is that State Life is the main market buyer. I think majorly, the market is trading at very attractive valuations,” he added.
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