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KARACHI – After three consecutive sessions of lackluster performance, the bulls made a comeback on the Pakistan Stock Exchange (PSX), with shares rising more than 500 points in intraday trading.
The benchmark KSE-100 index increased by 505.63 points, or 0.72%, reaching 71,163.27 points at 10:44 a.m., up from the previous close of 70,657.64.
Yousuf M. Farooq, director of research at Chase Securities, attributed the bullish trend to the news of a Saudi delegation’s visit to the country. He also mentioned that the decrease in inflation rates has led to improved market sentiment after recent corrections.
Tahir Abbas, head of research at Arif Habib Limited, noted, “The market is gaining traction after a 3% correction over the past three days.” He added that investors were showing optimism about the new International Monetary Fund (IMF) program and the anticipated “investor-friendly budget.”
The US State Department on Friday reiterated its steadfast support for Pakistan’s efforts to bolster its economy, including its engagements with the International Monetary Fund (IMF).
The department’s spokesperson, Matthew Miller, emphasized this unwavering commitment during his daily news briefing in response to a journalist’s inquiry about the US stance on aiding Islamabad’s economic recovery.
Earlier data from the Pakistan Bureau of Statistics (PBS) showed that consumer price inflation in the country eased to 17.3% in April.
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