PSX rises over 550 points in early trade on expected UAE investment, IMF trancheBusiness
The Pakistan Stock Exchange (PSX) continued its positive momentum on Wednesday, gaining over 550 points in early morning trade.
According to the PSX website, the benchmark KSE-100 index had gained 554.29 points, or 1.32 per cent, by 10:18am to reach 42,650.53 points.
Head of Research at Intermarket Securities, Raza Jafri, attributed the stock market’s rise to expected investment from the United Arab Emirates and the country moving closer to the resumption of the International Monetary Fund (IMF) programme.
Jafri said the economy was stabilising as Pakistan moves closer to the IMF programme’s resumption. “This is turning attention to corporate profits and the cheap valuations on offer.
“[The] expected investment from UAE is also generating investor interest, particularly in energy stocks,” Jafri said.
Last week, the UAE’s state news agency WAM had reported that the kingdom intended to invest $1 billion in Pakistani companies across various sectors.
The UAE is keen to continue cooperation with Pakistan “in various fields, which include gas, energy infrastructure, renewable energy, health care,” the agency added.
More to follow.