The Pakistan Stock Exchange (PSX) continued its record-setting rally for a fourth consecutive session on Wednesday, soaring past 144,000 points during intraday high.
The benchmark KSE-100 index rose by 1,041.24 points (0.73 per cent) to reach 144,078.40 points at 1:29pm, from the previous close of 143,037.16 points.
The market reached an intraday high of 144,285.74 points at 11:37am, gaining 1,248.58 points (0.87pc) from yesterday’s close.
Samiullah Tariq, head of research and development at Pak Kuwait Investment Company Ltd, told Dawn.com: “The market is up as corporate results are expected to be better.”
A key factor behind the market’s upbeat performance was the release of Pakistan’s fiscal data for FY25. The government reported a nine-year low fiscal deficit of 5.38pc, with revenue growth of 36pc year-on-year (YoY), outpacing an 18pc rise in expenditures.
This performance surpassed both the government’s and the International Monetary Fund’s (IMF) forecast of a 5.6pc GDP deficit. The positive fiscal data, along with market optimism over fiscal discipline and macroeconomic stability, is expected to fuel further market momentum in the coming sessions.
Yesterday, Ahsan Mehanti of Arif Habib Corporation pointed to the government’s approval to resume subsidies for the fully-funded remittances scheme, as well as speculations regarding steps to resolve the power sector’s circular debt, as catalysts for the bullish close.
More to follow
