Karachi: Pakistan Stock Exchange (PSX) on Thursday turned bullish as it crossed 47000 mark after 21 months owing to the International Monetary Fund (IMF) deal with the government.
The market expected to gain further following positive sentiment in the market.The position of the bulls was further strengthened by encouraging corporate results, especially in the index-heavy sectors.
The benchmark index moved up by 560 points to 47,242.9 points at 12:10pm, the highest level since November 8, 2021,.
The brokerage firm mentioned that the market had gained 5,751 points (+13.9%) since the staff-level agreement with the IMF for the $3 billion Standby Agreement (SBA).
“The momentum is positive after the IMF SBA facility because the valuation has increased,” the expert said.
He said that the KSE-100 is currently trading at a PER of 3.7x as compared to the last financial crisis (2008) when the lowest was 3.9x.
He said the market is still attractive, which is why the positive momentum continues. “It is expected that the market will gain further.”
