PSX bags 1505 points in intraday trade, settled at 66,223.63 points

The 100-index of Pakistan Stock Exchange (PSX) continued with bullish trend on Friday, gaining 1,505.55 more points closed at 66,223.63.

The KSE-100 index gained 2.33% high from the previous close of 64,718.08.

The market analysts interpreted the rally as flush of domestic liquidity pouring into the market.The PSX was experiencing a bullish wave due to a favourable IMF review and a consistent monetary policy stance.

The report, titled “Monthly Economic Update and Outlook for November”, stated that “Pakistan’s economy is on a gradual but promising path to recovery.” The report also observed that the economic activity was increasing due to the pace of economic revival initiatives.

The index’s upward trajectory was backed by economic revival initiatives, improved financial indicators, high investor confidence, and expected inflows in the form of the second tranche of $700 million from the International Monetary Fund (IMF) which was due on Dec 5 and reschedule to Jan 11.