KARACHI: The KSE PSX 100-index started with a record positive business in the Pakistan Stock Exchange as it gained by record 322 points to reach a new milestone of 59,222 points.
The stock market is in the midst of a strong November rally, and, the gains could last through year-end ‘thanks’ to an IMF standby agreement and announcements of general elections polls dat
The IMF standby agreement and announcement of the general elections date are reasons behind bullishness and investor confidence in PSX.
IMF to provide technical help to increase tax revenue, improve FBR’s efficiency. Pakistan’s foreign exchange reserves witness massive weekly decline.
Roshan Digital Account records $7 billion inflows.
Most Asian markets fell Friday following a broadly healthy week, with traders hoping for fresh Chinese moves to help the country’s troubled property sector after officials called on banks to provide support.
Wall Street was closed for the Thanksgiving break, meaning investors were given few catalysts to drive buying, while oil was in focus after OPEC’s decision to delay a key meeting sent prices sliding.
Equities have rallied in recent weeks on optimism the Federal Reserve will not hike interest rates again in this cycle as inflation heads south and the economy shows signs of easing without causing recession worries.
And while minutes from the bank’s most recent policy meeting echoed warnings from decision-makers that borrowing costs will likely stay elevated for some time, there is hope that they will cut in 2024.
Read more: Economic blueprint of Federal Govt focuses on taxing digital markets, real estate
