Exciting news for investors as the Pakistan Stock Exchange (PSX) saw a surge of over 400 points in intraday trade on Thursday. This upward movement was attributed to the recent Moody’s rating upgrade, which positively impacted investor sentiment.
Following the Moody’s upgrade, the benchmark KSE-100 index rose by 421.02 points, reaching 78,413.80 points from the previous close of 77,992.78 points. Awais Ashraf from AKD Securities highlighted that the rating upgrade improved external liquidity positions and eased concerns about delayed IMF board approval, contributing to the positive market trend.
Yousuf M. Farooq from Chase Securities emphasized the significance of the IMF programme for market stability. The agreement between the government and IMF in July is awaiting approval from the executive board, with potential financing assurances from development partners.
As the market awaits further clarity on the IMF programme, Farooq noted the current market valuation and its potential adjustment. With the market now considered cheap in comparison to the bond yield, investors are optimistic about future adjustments.
Stay tuned for more updates on this exciting market development!
[ad_2]
Source link