Daily Times

Pakistan Stock Exchange (PSX) on Friday rallied by over 300 points and crossed the 50,700 barrier – its highest since May 2017 – driven by positive cues especially from the macroeconomic side, giving investors a leg to stand on in the capital market. The benchmark KSE-100 index opened on a positive note and remained bullish throughout the day, with analysts citing a host of reasons – including a positive outcome of the monetary policy set to be announced on October 30. PSX website showed that the market closed at 50,731.86 points after a gain of 366.71 or 0.71%, compared to the previous closing of 50,365.15 points. During the intraday trade, the stocks also hit 50,952.67 points. In a note, Arif Habib Limited noted that the momentum remains strong and it seems inevitable that the 53,000 level will be breached. Head of Equities at Intermarket Securities Raza Jafri ttributed the surge to the investors taking note of the government’s laser-sharp focus on economic management. He mentioned that there is a growing belief that interest rates might not increase. The current policy rate stands at 22% – announced on September 14. Jafri added that a successful International Monetary Fund (IMF) review would be a stamp of approval on the government’s economic policies, which can help the KSE-100 reach a new all-time high.