The Pakistan Stock Exchange (PSX) saw a boost in its benchmark index, the KSE-100, with an increase of more than 500 points during intraday trade. The index reached 58,799.23 points at 11:30am, up 600.47 points from the previous close. This surge comes after hitting an all-time high and crossing the 58,000 barrier. The momentum is supported by expected inflow of dollars from the IMF and positive economic indicators. The head of equities at Intermarket Securities Ltd attributed the rally to foreign buying and anticipated a decrease in interest rates. The market’s price-to-earnings multiples still lag behind regional counterparts despite the surge in prices, according to Equity Sales Head Faraz Rizvi. He also noted that declining oil prices are expected to benefit the Pakistan economy and the market is currently in an overbought scenario, suggesting a potential for a minor short-term correction. The article indicates that the bull run in Pakistan equities could extend and turn into a multi-year rally, with banks, energy and construction sectors being particularly attractive. More updates are to follow.

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By hassani

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