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Shares at PSX gain 100 points amid mixed economic indicators
字号+ Author:Smart News Source:Health 2025-01-09 14:00:43 I want to comment(0)
Bulls continued to dominate the trade floor on Thursday at the Pakistan Stock Exchange (PSX) as shares increased by more than 100 points amid mixed economic . The benchmark KSE-100 index increased by 234.14 points, or 0.2pc, to stand at 117,242.22 points from the previous close of 117,008.08 points at 3:19pm. Finally, the index closed at 117,119.65, up by 111.57 or 0.1pc, from the last close. Yousuf M. Farooq, research director at Chase Securities, said, “The market is jittery today due to higher-than-expected trade deficit numbers. “Some participants suggest that the decline in interest rates might slow in the coming months, as the central bank may prioritise addressing external account concerns,” he highlighted. He noted that a “significant current account surplus could pave the way for lower rates over the next year”. However, he cautioned if high import volumes persist, the State Bank of Pakistan (SBP) “could face limited room” for a further cut in interest rates. “While inflation is on a downward trend, sustained high import levels could exert pressure on the external account,” he added. Yesterday, data from the Pakistan Bureau of Statistics (PBS) that CPI inflation for December 2024 had clocked in at 4.1pc — the lowest reading in nearly 7 years. Meanwhile, Awais Ashraf, director research at AKD Securities, said, “The KSE-100 Index is bearing the brunt of increasing political tensions, particularly as some individuals convicted of attacks on the country’s ideological sites have been pardoned.” However, he noted that stocks in the Fertiliser, Tractor, and Banking sectors “surged during the day, mitigating the negative sentiment. “The gains in the Fertiliser and Tractor sectors reflect higher sales and the merger of ENGRO with DAWH [Dawood Hercules Corporation Limited], while the Banking sector benefited from anticipation of higher deposit growth following the removal of the ADR [Advance to deposit ratio] tax,” he added.
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