PSX at new high amid privatisation talk

Pakistan Stock Exchange (PSX) on Wednesday saw a U-shaped recovery, driven by multiple encouraging factors including the prime minister’s announcement to privatise state-owned enterprises (SOEs), which helped the KSE-100 index to scale new all-time highs. Earlier, the trading session began on an optimistic note, when the market extended the previous day’s bullish momentum. Pakistan would privatise all SOEs with the exception of strategic entities, PM Shehbaz Sharif said on Tuesday amid ongoing talks with an International Monetary Fund (IMF) mission for a fresh loan programme. Foreign portfolio investors returned to the stock market, reflecting a significant shift in sentiment and helping the index to reach the intra-day high of 75,115.32 points. However, the bourse entered the negative zone soon after and remained there until after midday. Later, investor interest revived in a U-shaped recovery.