Bullish Market Drives PSX to Record High, Surges Over 500 Points

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The Pakistan Stock Exchange’s KSE-100 index traded in the green on Wednesday morning, crossing the 54,000 barrier. By closing time, the index had gained 525.69 points to close at 54,261.42 points. The index has experienced a more than 30% increase this year, following the approval of an IMF loan programme in July. Topline Securities’ CEO, Mohammed Sohail, attributed the positive sentiment to hopes of a potential decrease in interest rates due to falling global oil prices, which could ease inflation in Pakistan. JS Global Head of Equity, Faran Rizvi, noted that the market had entered “uncharted territory” and may need a pause, but also pointed out that stock valuations remain low with investors actively seeking opportunities. Rizvi emphasized that stock valuations have declined to just one-third of their 2017 peak, with the price-to-earnings multiple standing at a mere four despite the index hovering around 54,500 points.

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