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Saturday, June 22, 2024

Pakistan Stock Exchange Surpasses 58,000 Mark Amid IMF Optimism and Monetary Easing

The Pakistan Stock Exchange (PSX) made a historic breakthrough on Wednesday, surging past the 58,000 mark for the first time, bolstered by monetary easing and positive sentiments surrounding the economy, particularly following the anticipated IMF tranche.

During intraday trading, the KSE-100 index soared over 800 points, reaching an impressive 58,203.85, a significant rise from the previous day’s close at 57,371.59, as reported by the PSX website.

Investors’ enthusiasm surged a day earlier, propelling stocks to new highs amidst growing optimism regarding the imminent disbursement of the initial loan tranche from the international financial institution.

Remarkably, despite reaching unprecedented levels, market valuations remain attractive. The KSE-100 index’s current PE (price-to-earnings ratio) stands at 4.3x, notably lower compared to the 5-year average multiple of 6x.

Reports indicating the forthcoming IMF board meeting to sanction a staff-level agreement for Pakistan’s $700 million loan tranche under the standby agreement further fueled the market’s positive trajectory, suggesting the meeting could convene in the first week of December, as per market sources.

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