PSX turns green on positive expectations from MSCI, IMF mission

KARACHI: The benchmark KSE-100-index of the Pakistan Stock Exchange (PSX) turned the tide again on Thursday (yesterday) posting nearly 500 points hike.

The index opens today at the new record-high of 92,520.49 points amidst hopes of further recovery. Market experts have attributed this improvement to the upcoming credit ratings report of the MSCI index.

News reports also counted the decline in Sukuk yield and the inclusion of multiple new companies in the Frontier Markets Small Cap Index among reasons for the positive investor sentiment seen on Thursday.

Gold price drops by more than Rs5,000 per tola in local market

All these factors will likely boost foreign investment, which is all the more important after weeks of net foreign investment outflow seen by the KSE-100 in recent past. New investment is also expected from Saudi Arabia in Reko Diq project.

The International Monetary Fund (IMF) mission is also expected to visit Pakistan next week, for review of the Extended Fund Facility (EFF) program implementation. For now, that is causing both positive and negative effects on the stock market.

During the day, the bourse touched the highest of 92,694 points and stooped to the lowest of 92,185.69 points, before recovering to the current opening level of 92,520.49 points.