Markets
Stock Watch: Why did bulls take control at PSX?
The stock market was pricing in a number of positives
Oct 27, 2024
Oct 27, 2024
Business Desk
The Business Desk tracks economic trends, market movements, and business developments, offering analysis of both local and global financial news.
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Investors were jubilant as the KSE-100 index roared past the 90,000 level on intra-day basis and closed the week just shy of that psychological barrier. This is a gain of 4,744 points or 5.5 percent!
The stock market was pricing in a number of positives that include political and macro-economic stability, higher corporate profitability, and re-rating.
Market analysts are of the view that the stock market is still trading at a PE (Price Earning) multiple of less than 5 times and could further re-rate in the coming days.
The rally was broad based, however, Oil and Gas Exploration, Banks, and Cement stocks posted handsome gains this week.
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