KARACHI: Pakistan Stock Exchange above the 98,000 mark on Friday as share prices surged more than 2,000 points in intraday trade.
The benchmark KSE-100 index climbed 1158.13 points, or 1.19 per cent, to stand at 98,486.52 points from the previous close of 97,328.39 points at 9:50am. At 11:10am, the index surged 2057.40 points to stand at 99,385.79 points from the last close.
Awais Ashraf, director research at AKD Securities, said, “Subsiding political risk, combined with robust institutional interest driven by easing interest rates, has supported the index’s continued strong performance.”
He observed that the market at present was trading at an appealing price-to-earnings (P/E) ratio of 4.7x, which suggested a potential upside of at least 55pc if it reverted to its 10-year average of 7.2x.
“Furthermore, it provides an attractive dividend yield of 10.5pc,” he added.
