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Site update: July 19 2024, at 17:45 PKST
Stock update: July 19 2024.

Recent Financial News in the 'psx' category

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Friday, July 19 2024

Stocks hit another high on positive outlook
The stock market resumed its record-setting spree after a two-day break on Thursday as investors continued value-hunting for improved external funding prospects following the signing of an agreement with the International Monetary Fund (IMF). This helped the benchmark index close at an all-time high. Ahsan Mehanti of Arif Habib Corporation said stocks closed at an all-time high as investors weighed Fitch ratings’ projections for a cut in the State Bank of Pakistan’s policy rate to 16pc by the end of 2024 and 14pc by 2025 on slowing inflation, economic expansion of 3.2pc on the back of high agri growth, easing monetary policy, slowing inflation and cut in fiscal deficit to 6.7pc in FY25. He added that the agreement for a $7 bn loan to push for IMF-mandated fiscal reforms played a catalyst role in the bullish close.
Related news categories: business economic-indicators psx stock-exchanges

PSX plummets by over 1,200 points after hitting record high
The Pakistan Stock Exchange (PSX) experienced a significant decline, falling by 1,206 points to stand at 80,633 during intra-day trading. This drop represents a 1.5% decrease from its recent all-time high of 81,839 points. Yesterday, PSX surged to new heights, gaining 684 points to close at an all-time high of 81,839 points. This remarkable 0.84% increase from the previous close of 81,156 points showcases a bullish momentum in the market. Earlier on Tuesday, KSE-100 maintained a bullish trend and gained 1,367 points to hover at 81,320.88 points with 1.72% positive change as compared to the previous closing of 79,944.09 points. Experts have attributed the bullish trend to various factors including the privatization and staff-level agreement with the International Monetary Fund (IMF).
Related news categories: business economic-indicators psx stock-exchanges

Thursday, July 18 2024

PSX hits fresh peak on IMF deal
Pakistan Stock Exchange (PSX) skyrocketed to an all-time high on Monday in a robust rally driven primarily by Pakistan’s agreement with the International Monetary Fund (IMF) on a $7 billion Extended Fund Facility (EFF) at the weekend as well as the ongoing earnings season. The day commenced with a spike in the KSE-100 index, which was also supported by the anticipated reduction in the State Bank of Pakistan’s (SBP) policy rate, progress in resolving the energy sector circular debt crisis, increased remittances and stability of the Pakistani rupee. Notably, the exploration and production (E&P) sector saw significant gains following a major oil and gas discovery at Jhandial-3. As a result, the market reached a remarkable intra-day high of 81,428.43 points. However, the index settled at a lower level than the day’s high.
Related news categories: business economic-indicators psx stock-exchanges

Stocks set record above 81,000 on IMF deal
Shrugging off the rising political noise following the landmark apex court ruling on reserve seats, equity investors on Monday celebrated the reaching of a Staff-Level Agreement (SLA) with the International Monetary Fund (IMF) for a $7 billion credit line, tossing the benchmark KSE 100 index to an all-time high above 81,000. Also, an expected softening of monetary policy aided market optimism about the economic outlook, which attracted buying interest, especially from foreign investors. Ahsan Mehanti of Arif Habib Corporation said stoc­ks closed at an all-time high as the signing of the SLA boosted investor confidence. He added that the expec­ted ease in the SBP policy rate, settlement of the energy sector circular debt crisis, the surge in remittances, and rupee stability played a catalyst role in the record close at the PSX.
Related news categories: business economic-indicators psx stock-exchanges

Monday, July 15 2024

PSX remains volatile amid thin losses
Pakistan Stock Exchange (PSX) experienced volatility in the outgoing week as it oscillated between red and green zones and closed with a slight fall of nearly 270 points. The market’s fluctuation was largely influenced by investor worries over harsh taxation measures, including the potential imposition of up to 45% tax on agriculture, ahead of a new International Monetary Fund (IMF) loan programme. However, there were some positive indicators as well such as a 44.4% year-on-year (YoY) increase in workers’ remittances that reached $3.2 billion in June 2024. In addition, Pakistan’s foreign exchange reserves increased $16 million to $9.405 billion.
Related news categories: business economic-indicators psx stock-exchanges

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