Karachi: At the beginning of the new year, the Pakistan Stock Exchange (PSX) has regained optimism, especially driven by a large number of foreign buying in the technology sector. As a result, it rose by 1.68% or 750 points, pushing the benchmark KSE-100 index to 45,345.65 points in the past week.
The Supplementary Financing Act urgently needs clarification, as well as new expectations for the recovery of the International Monetary Fund (IMF) loan program, which pushed the benchmark KSE-100 index above the 45,000 mark after a one-month suspension.
Arif Habib Limited stated in its weekly report: “The month-on-month decline in the trade deficit, the appreciation of the Pakistani rupee against the U.S. dollar, and the expectation of foreigners to allocate new funds in PSX have improved investor sentiment.”
In the week under review, after the Federal Cabinet approved the National Bank of Pakistan Autonomy Act to pave the way for the next IMF loan, market participants became somewhat optimistic.