The stock market rose on Friday as risk sentiment improved after reports that Pakistan and Afghanistan agreed to maintain a ceasefire, while speculation about the earnings season added further impetus.
The benchmark Pakistan Stock Exchange (PSX) KSE-100 climbed to an intraday high of 160,535.6, gaining 3,802.73 points or 2.43%, and settled at 158,195.54, reflecting a gain of 1,462.06% or 1,462.7%.
“The bullish activity was seen following reports that Pak Afghan agreed to maintain ceasefire in the cross-border conflict. Speculations in the earnings period played a catalytic role in the bullish activity on the PSX,” said Ahsan Mehanti, Managing Director and CEO of Arif Habib Commodities.
Turkey’s foreign ministry confirmed late Thursday that Pakistan and the Afghan Taliban regime had agreed to maintain a ceasefire after a new round of talks in Istanbul. He added that the meetings held in Istanbul from October 25 to 30 were aimed at consolidating the ceasefire first agreed in Doha on October 18-19.
Separately, the State Bank of Pakistan reported that foreign exchange reserves held by the central bank rose by $16 million to $14.471 billion during the week ended October 24.
Total liquid foreign reserves fell to $19.687 billion from $19.853 billion the previous week as commercial banks’ reserves fell to $5.216 billion from $5.398 billion. SBP expects its reserves to reach $17.8 billion by the end of this financial year.
On Thursday, the market extended losses, losing 1,732.19 points, or 1.09%, to close at 156,732.87 points from 158,465.06 a day earlier.
During that session, the index climbed to an intraday high of 159,507.41, gaining 1,042.36 points, or 0.66%, before settling at a low of 156,327.60, reflecting a decline of 2,137.45 points, or 1.35%.
a href=”https://www.geo.tv/latest/631391-psx-climbs-on-pakistan-afghanistan-ceasefire-signals-earnings-speculation”>Source link
