PSX marks best performance in over a decade | The Express Tribune
Key Takeaways
- The KSE-100 index surged 4.15% WoW to close at 168,990, marking its best nine-month performance since 2009.
- The market rally was primarily driven by strong investor confidence and substantial gains in the banking sector.
- Pakistan successfully repaid a $500 million Eurobond, reinforcing positive sentiment despite fiscal concerns over missed tax targets.
- Key macroeconomic data showed the September Consumer Price Index (CPI) rising to 5.6% YoY and the trade deficit widening to $3.3 billion.
- Foreign currency reserves saw a marginal increase, and the Pakistani rupee appreciated slightly (0.03% WoW) against the US dollar.
The Pakistan Stock Exchange (PSX) maintained a powerful upward momentum throughout the outgoing week, resulting in the KSE-100 index surging 6,733 points (4.15% WoW) to close at 168,990, representing its best nine-month performance since 2009. This rally was fueled by robust investor confidence, significant gains in the banking sector, and optimism surrounding upcoming IMF meetings. The week featured several record highs, notably on Thursday and Friday, although average trading volumes declined by 11% WoW. Supporting the positive market sentiment was Pakistan's successful repayment of a $500 million Eurobond, even as fiscal concerns lingered due to the Federal Board of Revenue missing its quarterly tax target by Rs200 billion. Other economic indicators showed the September CPI at 5.6% YoY, mixed trends in fertilizer offtake, and a trade deficit of $3.3 billion for September.
