Share market posts impressive gains early on Friday

KARACHI: The final trading day of the week brought good news for the market as the benchmark KSE-100 index gained nearly 500 points quickly after opening. This comes after the index posted losses on Thusday, after touching the highest stage in six years on Wednesday.

On Wednesday, the KSE-100 reached 52,350 points. The last time it crossed the 52,000 mark was in 2017.

On Friday, the index opened at 52,656.76 points and quickly gained 483 points, hovering at 53,140.65 around 11 a.m. Another interesting feature of Friday’s early trading was that the hike came from a moderate volume of trading at 64 million shares.

Companies from numerous sectors were seen among the top leaders of the hike, showing an overall improvement in the investor confidence, independent of any sector.

Chicken and egg prices increase in Pakistan

Market experts attribute the current bullish run to several factors.

IMF’s acknowledgement of government measures has created a positive sentiment at the bourse and announcement of the election date by the Election Commission of Pakistan (ECP), strong corporate results, and reports of the International Finance Corporation’s (IFC) commitment to inject over $1.5 billion into Pakistan’s economy are driving the bullish run.

The analysts anticipates that the momentum will continue, especially if the IMF review is successful, which could lead to additional inflows.

The IMF staff-level mission held discussions with the caretaker Finance Minister Dr. Shamshad Akhtar, setting the stage for technical-level discussions.