PSX hits new peak in outgoing week

The benchmark of the national bourse exceeded in the outgoing week its all-time high of 52,876 points that it achieved in May 2017. Arif Habib Ltd said the outgoing week began with the State Bank of Pakistan (SBP) maintaining its policy rate at 22pc. The decision reflected that inflation had peaked and was expected to ease off in the near future. Furthermore, the federal cabinet approved a much-awaited increase in gas tariffs, a prerequisite for the successful review by the International Monetary Fund (IMF) of the ongoing Stand-By Arrangement of $3 billion. Moreover, the International Finance Corporation unveiled a $1.5bn investment strategy for Pakistan. Also, tax revenue collection was recorded at Rs2.8 trillion in the first four months of 2023-24, up 28pc year-on-year. The trade deficit narrowed by 4.5pc year-on-year to clock in at $2.1bn in October. Additionally, the Election Commission of Pakistan (ECP) announced in the outgoing week that the general election would be held on February 8, 2024. The foreign exchange reserves of the State Bank of Pakistan also rose by $14 million, reaching $7.5bn as per the latest announcement. Meanwhile, the dollar rate closed at Rs284.31 at the end of the outgoing week after gaining 1.31pc week-on-week.