PSX fluctuates after yesterday’s rally

KARACHI: The Pakistan Stock Exchange (PSX) continued the bullish momentum from yesterday (Wednesday) into Thursday, when it opened with an instant jump of nearly 175 points on Thursday. Despite the hike starting to dissolve soon after, the benchmark KSE-100 index managed to stay above the opening level.

The KSE-100 index opened at 117,772.31 points, and jumped to the morning’s highest at 118,106.31 points in minutes. By 11 AM, however, the index had come down close to the opening level, hovering at 117,807.80 points. The telecom and petroleum sectors seemed to be pulling the index down, even though the majority of the energy sector still managed to stay in the green.

Bulls prevail at PSX as investor optimism rises on IMF deal

Yesterday, bulls dominated the PSX due to improvement in investor sentiment following the signing of the International Monetary Fund’s (IMF) staff-level agreement and the announcement of a new climate fund under the Resilience and Sustainability Facility (RSF).

“The market’s strong performance was primarily driven by the signing of the staff-level agreement (SLA) and the RSF arrangement, which bolstered overall investor confidence,” said Sana Tawfiq, Head of Research at Arif Habib Limited.

Topline Securities also noted that investor optimism surrounding the IMF agreement significantly contributed to the market rally.

Yesterday as well, the energy sector carried the rally, largely driven by UBL, OGDC, PPL, MEBL, and MARI, which collectively added 883 points to the index.

Meanwhile, the Pakistani Rupee depreciated against the US Dollar by 26 paisa in the interbank market on Thursday, Exchange Companies Association Pakistan said. The PKR-USD parity stood at Rs 280.42 to the greenback.