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Bulls continued their stampede on the trade floor on Tuesday as shares at Pakistan Stock Exchange (PSX) gained more than 800 points to cross the 91,000 milestone.
The benchmark KSE-100 index surged 819.09 points, or 0.91 per cent, to reach 91,014.60 points from the previous close of 90,195.51 at 11:25am.
Tahir Abbas, director equities at Arif Habib Limited, noted that the PSX had “shown impressive gains recently, driven by a combination of improved macroeconomic indicators, a stabilised exchange rate and growing investor confidence following positive government policy initiatives”.
“The recent easing of inflationary pressures and declining interest rates have also contributed to increased liquidity, encouraging investors to take fresh positions in equities,” he added.
Yousuf M. Farooq, director research at Chase Securities, attributed the gains to “constant inflow from mutual funds on conversions from fixed income”.
“Plus result season and declining receivables of Exploration companies has caused a rally over the last month,” he said, adding that the market was “rerating and adjusting for earnings”.
More to follow
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