The KSE-100 index, the benchmark index at the Pakistan Stock Exchange(PSX), hit the pre-COVID level, surpassing the 43,000 level today.
Pakistani equities closed on a positive note with the benchmark KSE-100index gaining 795 points, closing at 43,266 levels, up 1.87 percent, asinvestors cheered the news of the currency swap arrangement with China,which will keep SBP’s foreign exchange reserves afloat and lower inflationexpectation further boosted investor sentiment at the bourse.
43,000 level was last seen on January 17th, 2020.——————————
According to Capital Stake, KSE-100 has improved by 59 percent from itslow. The KSE-100 index, which recorded a 2.20 percent increase in the firstmonth of the year, dropped in March. The index had dropped 25.61 percent ina single month where it also touched the year’s low of 27,228.80.
A.A.H Soomro, Managing Director at Khadim Ali Shah Bukhari Securities,while commenting on the market said,
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Expect new highs to be made. Earnings season, FATF optimism, stable FXReserves, and lower for longer interest rates to keep bulls dominant. Theeconomy has turned for good.
Major positive contributors today were namely FFC, LUCK, OGDC, PPL, andENGRO, who cumulatively added 244 points to the benchmark KSE-100 index.
