KARACHI: The Pakistan Stock Exchange (PSX) on Wednesday reached a new milestone as it crossed the 58,000 barrier for the first time during intraday trading.
The KSE-100 index gained over 800 points to reach 58,203.85, up from yesterday’s close of 57,371.59, according to the PSX website.
Arif Habib Limited (AHL) Head of Research Tahir Abbas, while speaking to Geo.tv, said that the market was continuing its positive momentum amid expectations of monetary easing, strong profitability, and certainty on the upcoming general election — slated to take place on February 8 next year.
“Moreover, despite the fact that the market is trading at an all-time high, the valuation of the market is still attractive. The KSE-100 index is currently trading at a PE of 4.3x as compared to the last 5-year average multiple of 6x,” he added.
Meanwhile, Pakistan-Kuwait Head of Research, Samiullah Tariq told Geo.tv that the market is responding to the hopes of IMF board approving the tranche under the SBA as well as the low valuations compared to the region.
