PSX crosses 80,000 milestone on privatisation, rate cut hopes

The Pakistan Stock Exchange (PSX) gained more than 700 points, surpassing the benchmark KSE-100 index beyond the 80,000 mark due to increasing investor interest in state-owned enterprises here on Wednesday.

During the intra-day, the KSE-100 reached 80,292.59 points, up by 739.71 points or 0.93 per cent from the previous close of 79,552.89 points.

Speaking to a local TV, EFG Hermes Pakistan’s CEO Raza Jafri said that gain was a result of a burst of buying in state-owned enterprises such as Oil and Gas Development Company (OGDC) and National Bank of Pakistan (NBP) with reports indicating a push on privatisation, strategic stake sales, and addressing legacy issues.

Jafri further said that this comes within increasing hopes of sizeable interest rate cuts in [second half of 2024] and timely entry into IMF package.

Finance Minister Muhammad Aurangzeb said the government’s privatisation plan consists of two to three years and it will be executed.

Minister for Privatisation Aleem Khan said that the government want to privatise around 24 SOEs in the coming years.