KARACHI: Bulls continued their stampede post-Eid as shares at the Pakistan Stock Exchange (PSX) reached to all-time high — over 1,500 points on Thursday in intraday trade — which analysts attributed to the “dovish outlook” of rating agencies for the country. At 12:20Pm, the benchmark index was flying at 78,255.51, an increase of 1,548.74 points.
Mohammed Sohail, chief executive of Topline Securities, has attributed the bullish momentum to “positive sentiments continue amid hope that new budget will help securing long term deal between Pakistan and IMF”.
Raza Jafri, chief executive of EFG Hermes Pakistan has said that the market is pricing in the favorable news over the Eid holidays, including Fitch’s dovish view on inflation outlook and the proposed decline in electricity tariffs for industries in the country.
Awais Ashraf, director research at AKD Securities said that positive statements from international credit rating agencies Moody’s and Fitch about the South Asian country’s budget and economic outlook bolster investor confidence in the government’s strategy to address financial and external imbalances.
More to be followed…
