The benchmark index of the Pakistan Stock Exchange (PSX) continued its momentum from the preceding session on Monday and crossed the 56,000 milestone.
According to the PSX website, the KSE-100 index struck a high of 56,098.33 points during early morning trade, up 649.80 points or 1.17 per cent from the previous close of 55,391.36 points.
Last week, the local bourse hit a significant milestone as its benchmark surpassed the 55,506-point mark, fuelled by the first loan review by the International Monetary Fund (IMF) and a decrease in cut-off yields for Pakistan Investment Bonds.
Speaking to Dawn.com today, JS Global Head of Equity Sales Faran Rizvi said the KSE-100 index was nearing a new high, potentially encountering profit-taking, despite maintaining an overall bullish trend.
“A confirmation above 56,500 could trigger a new rally, aiming for levels between 59,000 and 60,000,” he added.
However, Rizvi said prudent investors were advised to engage in cautious buying at the current levels and implementing strict stop-loss measures.
More to follow