The Pakistan Stock Exchange (PSX) continued its record rally for a fourth consecutive session on Wednesday, with more than 144,000 points during the maximum intradic.
The reference KSE-100 index increased by 1,041.24 points (0.73 percent) to reach 144,078.40 points at 1:29 pm, from the previous closure of 143,037.16 points.
The market reached a maximum intradic of 144,285.74 points at 11:37 am, winning 1,248.58 points (0.87pc) since the closing of yesterday.
Samiullah Tariq, Chief of Research and Development of Pak Kuwait Investment Company Ltd said Dawn.com: “The market increases since corporate results are expected to be better.”
A key factor behind the optimistic market performance was the launch of Pakistan’s fiscal data for fiscal year 2015. The Government reported a low fiscal deficit of 5.38pc, with an income growth of 36 percent year -on -year (interannual), exceeding a 18 percent increase in expenses.
This performance exceeded the forecast of the Government and the International Monetary Fund (IMF) of a 5.6pc GDP deficit. It is expected that positive fiscal data, together with market optimism on fiscal discipline and macroeconomic stability, promote greater market impulse in the next sessions.
Yesterday, Ahsan Mehanti de Arif Habib Corporation pointed out the Government’s approval to resume subsidies for the totally financed remittance scheme, as well as speculations regarding the steps to resolve the circular debt of the electrical sector, as catalysts for the bullish closure.
More to follow
