PSX continues bullish trend over record current account surplus

Bull maintained their hold of the trade floor at the Pakistan Stock Exchange (PSX) on Monday as shares climbed more than 1,000 points on strong macroeconomic indicators. The benchmark KSE-100 index increased by 847.96, or 0.72 per cent, to stand at 118,163.54 from the previous close of 117,315.58 at 11:18am. At 12:40pm, the index surged 1,477.00, or 1.26pc, to stand at 118,792.58 from the last close. Finally, the index closed at 118,383.38, up by 1,067.80 or 0.91pc, from the last close. Yousuf M. Farooq, director research at Chase Securities, said, “Positive news flow has driven improved market activity and a broad-based rally.” He credited the rally to the record-low inflation reading, supported by strong Ramazan remittances of $4 billion for the month of March. He also noted that the real effective exchange rate (REER) stood at 101, in addition to interest rates “now expected to gradually decline”.