Wednesday, July 24, 2024
No menu items!
HomeBusinessPSX 100 index has risen by 222 point and now stands at 57,860.61

PSX 100 index has risen by 222 point and now stands at 57,860.61

Rate this post

The Pakistan Stock Exchange (PSX) has been experiencing a robust November rally, with indications suggesting that this momentum might endure until the year-end. Factors contributing to this surge include the positive impact of an IMF standby agreement and the announcement of the general election polls date.

The KSE PSX 100 index began on an optimistic note, registering an increase of 489.03 points to reach 57,860.61 points. This positive trajectory continued throughout last week’s trading sessions, reaching the 57,860 mark at 19:59 am.

Read More: IMF and Pakistan Forge Agreement: $700 Million Lifeline in Bailout Deal

The market’s bullishness and investor confidence in the PSX can be attributed to the recent developments, notably the IMF standby agreement and the clarity surrounding the general election schedule.

Meanwhile, in the US stock market, there was a slight downturn observed, as revealed in the minutes from the Federal Reserve’s recent meeting. The minutes emphasized the Fed’s cautious approach and their readiness to proceed prudently in their policy decisions.

Despite the slight dip, the tech-heavy Nasdaq bore the most significant impact ahead of Nvidia’s results, which came in above estimates. The S&P 500 and Nasdaq, both after five consecutive days of gains, saw a marginal decline.

Read More: Gold prices in Pakistan 22 November 2023

Market analysts suggest that the recent sharp rally might have prompted some profit-taking, and traders opted to secure gains ahead of the holiday season. The Fed’s stance, as highlighted in the meeting minutes, indicates a careful approach, especially in the absence of significant inflationary pressures.

Additionally, economic indicators such as existing home sales displayed a decline due to rising mortgage rates and limited inventory, affecting potential homebuyers’ activity.

In summary, the PSX’s upward trajectory, fueled by key developments and investor confidence, contrasts with the cautious approach observed in the US markets, particularly due to the Fed’s stance and economic indicators affecting various sectors like real estate.

https://news.google.com/publications/CAAqBwgKMLHe1Asw4_nrAw?ceid=PK:en&oc=3
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular