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The Pakistan Stock Exchange (PSX) saw bullish momentum, as the benchmark KSE-100 Index crossed the 46,000 level during the intra-day trading on Friday.
At 2:50pm, the benchmark index was hovering at 46,024.80 level, an increase of 626.49 points or 1.38%.
Across-the-board buying was witnessed among index-heavy sectors including automobile assembler, chemical, commercial banks, refinery, oil & gas exploration companies and OMCs, while pharmaceutical, sugar and allied sector registered losses.
Experts attributed the bullish sentiment to an improved foreign exchange reserves position this week, following disbursements of funds from both multilateral and bilateral institutions.
“The foreign exchange reserves have improved significantly, driving the positive sentiment among investors,” Sana Tawfik, an analyst at Arif Habib Limited (AHL), told Business Recorder.
“Moreover, the corporate sector result season has begun on a positive note, following UBL results. Similar announcements from other companies are expected.”
She said the market also anticipates further inflows from other financial institutions such as ADB, and IDB in the coming days.
The reserves held by the State Bank of Pakistan (SBP) surged $4.2 billion, clocking in at nearly $8.73 billion as of July 14, data released on Thursday showed.
“During the week ended July 14, 2023, SBP received $2.0 billion from the Kingdom of Saudi Arabia, $1.2 billion from the International Monetary Fund (IMF), and $1.0 billion from the United Arab Emirates (UAE),” the SBP said in a statement.
Total liquid foreign reserves held by the country stood at $14.07 billion.
At 2:50pm, the benchmark index was hovering at 46,024.80 level, an increase of 626.49 points or 1.38%.
Across-the-board buying was witnessed among index-heavy sectors including automobile assembler, chemical, commercial banks, refinery, oil & gas exploration companies and OMCs, while pharmaceutical, sugar and allied sector registered losses.
Experts attributed the bullish sentiment to an improved foreign exchange reserves position this week, following disbursements of funds from both multilateral and bilateral institutions.
“The foreign exchange reserves have improved significantly, driving the positive sentiment among investors,” Sana Tawfik, an analyst at Arif Habib Limited (AHL), told Business Recorder.
“Moreover, the corporate sector result season has begun on a positive note, following UBL results. Similar announcements from other companies are expected.”
She said the market also anticipates further inflows from other financial institutions such as ADB, and IDB in the coming days.
The reserves held by the State Bank of Pakistan (SBP) surged $4.2 billion, clocking in at nearly $8.73 billion as of July 14, data released on Thursday showed.
“During the week ended July 14, 2023, SBP received $2.0 billion from the Kingdom of Saudi Arabia, $1.2 billion from the International Monetary Fund (IMF), and $1.0 billion from the United Arab Emirates (UAE),” the SBP said in a statement.
Total liquid foreign reserves held by the country stood at $14.07 billion.
Intra-day update: positive momentum pushes KSE-100 above 46,000 level
Benchmark index hovering at 46,024.80 level
www.brecorder.com
