PSX Crosses 49,000 For First Time Since 2017

The benchmark KSE-100 index surged over 49,000 points on Thursday, the first time since hitting 49,527 in June 2017. At 11:30 AM, the top index rose by 640 points to 49,404, before cooling down to 49,232 at 12:15 PM after initially opening at 48,764. According to Arif Habib Limited (AHL), the market has gained 7,686 points or 18.5 percent since Pakistan’s Stand-By Agreement with the International Monetary Fund (IMF) in July. Relapse under 48,562 would instill weakness to 48,445-48,340 points. Amid an overbought condition, volatility in the market is likely to remain high. Any weakness due to profit-taking is expected, AHL said in an earlier note. In July 2023, the main board demonstrated exceptional performance, making it one of the best-performing stock markets in the world. Overall, momentum remains very strong in blue chips, while Banking and Oil & Exploration sectors continue to see major interest from investors.