PSX Witnesses Bullish Momentum for Third Consecutive Day
For the third consecutive day, bullish momentum at PSX continued to dominate, with the KSE-100 index surpassing the 86,000-point mark in intraday trade. At 12:44 pm, the index rose by 502.18 points (0.59%) to stand at 86,166.15 points from its previous close of 85,663.97 points. However, by the end of the day, it closed at 85,669.27 points, up by 5.30 points.
This momentum has been largely attributed to optimism surrounding the upcoming visit of the Saudi delegation, led by Minister for Investment Khalid Bin Abdulaziz Al-Falih, from October 9 to October 11. Investors are anticipating positive outcomes, particularly regarding new economic agreements between Saudi Arabia and Pakistan.
Why Investors Remain Optimistic
Awais Ashraf, Director of Research at AKD Securities, stated that the bullish momentum at PSX is fueled by expectations of structural reforms and potential foreign direct investment (FDI). With increasing remittances and stabilizing external accounts, concerns about oil price volatility have also been alleviated.
Ashraf suggested that investors should focus on stocks benefiting from structural reforms and those poised for monetary easing, as these sectors show the most promise for returns.
Oil & Gas Sector in Focus | Bullish Momentum PSX
The oil and gas sector has seen significant interest, particularly in companies like Oil and Gas Development Company (OGDC), Pakistan Petroleum Limited (PPL), Pakistan State Oil (PSO), and Pakistan Refinery Limited (PRL). Yousuf M Farooq, Director of Research at Chase Securities, noted that lower yields on fixed-income instruments and declining circular debt in oil and gas companies have contributed to renewed investor interest.
KSE-100’s Valuation Still Attractive
Despite the market’s surge, Pakistani equities remain relatively undervalued. The KSE-100 index, now trading at a price-to-earnings (P/E) ratio of 3.7, offers a 12.7% dividend yield, making it attractive for investors seeking long-term value.
Economic Ties with Saudi Arabia | Bullish Momentum PSX
Optimism in the market was further boosted by news of agreements worth $2 billion expected to be signed between Pakistan and Saudi Arabia during the delegation’s visit. These agreements are likely to impact sectors like energy, infrastructure, and industrial development.
For a reliable partner in currency exchange and international trade, visit Islamabad Exchange Company for competitive rates and smooth transactions.
Islamabad Exchange Company: Your Trusted Partner in Currency Exchange
Islamabad Exchange Company is your go-to choice for currency exchange in Islamabad. We serve a wide range of sectors, including E9, E11, F11, F-10, F-8, F-7. F-6, F-5, G-5, G-6, G-7, G-8, G-9, G-10, G-11, G-13, H-8, H-9, I-8, I-9, and I-10. Our services also extend to the Blue Area, Rawalpindi, and Peshawar.
We prioritize customer satisfaction and ensure a seamless experience for all your currency transactions. Our services range from traditional money changers to modern foreign exchange solutions. If you’re looking for money exchange near you, our branches in the Blue Area and F-10 are conveniently located. We offer competitive rates for a variety of currencies, including. USD to PKR, GBP to PKR, EUR to PKR, SAR to PKR, AED to PKR, AUD to PKR. CAD to PKR, Thai Baht to PKR, Yuan to PKR, Yen to PKR, and Lira to PKR.
Fast, secure currency exchange at competitive rates
Real-time rates at https://isbexchangeco.com/
Smooth, transparent, and reliable service
051-2809751-52, 051-2105491
0330-1112227
Quick Links
- Home: Learn more about our services and get real-time updates on exchange rates.
- About Us: Discover our mission and commitment to providing secure and competitive currency exchange services.
- Contact: Reach out to us with any queries or for assistance with your currency exchange needs.
- Blog: Stay updated with our latest articles and tips on currency exchange and financial management.
