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PSX reclaims 165K milestone amid IMF optimism | The Express Tribune
The benchmark reclaimed the market’s key psychological level on a closing basis for the first time in 25 days
Pakistan’s stock market surged with renewed vigour as the KSE-100 Index jumped 2,185 points to close at 165,373, marking a robust 1.34% gain. The benchmark reclaimed the psychologically important 165,000 level on a closing basis for the first time in 25 days—since October 22—easing rollover week concerns and signalling a strong bullish comeback.
“The session opened on a strong footing and maintained its positive trajectory throughout the day,” said Ali Najib, Deputy Head of Trading at Arif Habib Ltd. “This rally was largely driven by optimism surrounding the IMF Board meeting scheduled for December 8, following Pakistan’s Staff-Level Agreement (SLA) with the Fund for the second review of the $7 billion EFF programme and the first review of the $1.4 billion RSF facility.”
Market sentiment was further buoyed by reports that the Reko Diq project is expected to achieve financial close within the next two weeks, securing $3.5 billion in funding for the multibillion-dollar copper and gold mining venture.
Read: PSX sees strong rebound as investor confidence boosts index by 1,496 points
This kept E&P stocks in the spotlight, with PPL and OGDC jointly contributing 303 points. FATIMA and LUCK also attracted renewed buying interest due to their mining-linked exposure, together adding 331 points to the day’s bull run.
Market activity remained moderate, with 495.7 million shares traded and total turnover amounting to Rs30.5 billion. DSL led the volume chart with 48.4 million shares.
As anticipated, the PSX crossed the 165,000 mark today. Looking ahead, the KSE-100 Index is likely to extend its bullish trend on Friday, supported by end-of-month window dressing. The index may even push above its current 160,000–170,000 consolidation zone.
Malaysia-based Karex produces more than five billion condoms a year and supplies global brands like Durex and Trojan.
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Tesco Pet Insurance, who provided the cover, says “the cost of claims is one of a number of factors that can affect the price of a policy at renewal” and also noted Tilly’s age had been reflected in the quote. It says the couple had a more comprehensive policy, which typically costs more than basic levels of cover, and that alternative options were presented to Fawcett and Neild.
The UK must not “cut ourselves off” from trade opportunities in China despite security and business risks, the head of the Confederation for British Industry has warned.
CBI chief Rain Newton-Smith highlighted that British businesses see increased trade with Chinese firms as an opportunity to drive growth.
Her remarks came as business leaders were questioned by MPs on Parliament’s Business and Trade Select Committee regarding the UK’s economic relationship with China.
Last December, Prime Minister Sir Keir Starmer admitted China poses security threats to the UK but urged for greater business ties.
Ms Newton-Smith, chief executive of one of the UK’s largest business groups, was positive about the Government’s engagement with China.
“You can’t have a growth strategy without a strategy for China,” she said.
“China has the biggest contribution to global growth, is the third largest trading partner, and the world’s largest consumer market.
“The UK is second largest exporter of trade and services.
“We are mindful as all businesses are of security risks but it is really important that we have a strategy towards China.
“This Government has increased the economic engagement with China and including business within this does help us as a country.”
She added: “If we think about the future economy, there is a huge market in China and I think we mustn’t cut ourselves off from some of the opportunities there, even if in some areas there are difficult conversations and negotiations that need to be had.”
Peter Burnett, chief executive of the China-Britain Business Council, told the committee: “There are risks associated with technology advancement, AI, industrial development that they need to assess.
“Increasingly you will find them saying that they need to engage more in China to understand those risks and to develop some of the technologies along some of those risks themselves.”
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