The sharing market increased on Thursday as the profits of the foreign exchange reserve and mutual fund entries fed optimism, touching the new ups and downs.
The Reference Index of the Pakistan Stock Exchange (PSX) KSE-100 rose to an intradic maximum of 137,855.84, winning 1,475.88 points, or 1.08%, while the minimum of the day stood at 136,674.98, which shows an increase of 295,02 points, or 0.22%.
“The mutual funds have invested more than $ 50 million in capital markets after the budget increased the yield taxes of the money market, as well as the increase in SBP reserves,” said Independent and Economic Investment Analyst Aah Soomro.
“This rally backed by liquidity will continue in the range of more than 140,000 for KSE 100,” he added.
The feeling of investors remained floating as the foreign exchange reserves of the Central Bank of Pakistan increased by $ 5.12 billion to $ 14.51 billion at the end of fiscal year 201025, exceeding the aim of $ 13.9 billion of the International Monetary Fund (IMF) (IMF). This is a strong increase of $ 9.39 billion reported on June 30, 2024.
The increase in reserves reflects a combination of improved current account dynamics and the materialization of planned financial entries.
Although the Central Bank did not provide detailed comments on El Salto, in a statement last month observed $ 3.10 billion in commercial loans and more than $ 500 million multilateral lenders.
The gain followed a significant reduction of $ 2.66 billion to June 20 due to external debt payments, the second largest weekly registered. However, the timely reinvestment of $ 3.4 billion in Chinese loans restored confidence.
Of this, $ 1.3 billion were refinanced commercial loans previously reimbursed by Islamabad, while $ 2.1 billion had been part of the SBP reserves in the last three years and was renewed in June.
On Wednesday, the KSE-100 increased by 440.1 points, or 0.32%, to 136,379.96 points of 135,939.87 points recorded in the last session. The highest index of the day remained at 137,232.11 points, while the lowest level was recorded at 135,542.89 points.
