Tag: Market Rally

Bitcoin’s price soars close to $69,000, then pulls back to $65,000

Bitcoin, the leading cryptocurrency by market value, surged to a two-year peak, surpassing $68,600 on Tuesday and approaching its all-time high.

The cryptocurrency has seen a notable 50 per cent surge this year, with a significant portion of the increase occurring in recent weeks, marked by inflows into US-listed bitcoin funds.

During Asian trading hours on Tuesday, Bitcoin hovered around $68,500, reaching a session high of $68,828, just shy of the record peak of $68,999.99 set in November 2021.

The approval of spot bitcoin exchange-traded funds in the United States earlier this year attracted new significant investors, reigniting enthusiasm reminiscent of the 2021 bull run.

However, Bitcoin has now retreated to $65,000 as of 9:50 p.m. Kyle Rodda, senior markets analyst at Capital.com, described the current market conditions as “crypto mania 4.0,” suggesting that continued low bond and rate volatility could sustain the momentum, though acknowledging signs of irrational behaviour.

In the week ending March 1, net flows into the ten largest US spot bitcoin funds totaled $2.17 billion, with over half directed towards BlackRock’s iShares Bitcoin Trust, according to LSEG data.

Tony Sycamore, a market analyst at IG, expressed optimism about Bitcoin’s potential move towards $80,000 despite short-term overbuying.

The cryptocurrency rally aligns with record-breaking performances in global stock indexes, including Japan’s Nikkei, the S&P 500, and the Nasdaq.

Simultaneously, volatility measures in equities and foreign exchange markets are trending downward.

Ether, Bitcoin’s smaller rival, also surged over 50 per cent for the year, reaching $3,649. Speculation about exchange-traded funds driving inflows has contributed to Ether’s momentum.

A regulatory filing on Monday revealed that the US Securities and Exchange Commission has delayed its decision on BlackRock’s application for a spot ethereum exchange-traded fund.

In a separate development, Tether announced that the number of dollar-pegged stablecoins it issued has surpassed $100 billion, providing stability in the cryptocurrency market.

March 5, 2024
PSX hits new record high, crossing 55,000 mark

The Pakistan Stock Exchange (PSX) maintained its bullish trend as the KSE-100 Index surged over 2 per cent, surpassing the 55,000 level and establishing a new record high at 55,391.36.

This marked a notable gain of 1129.94 points, or 2.08 per cent, by the end of Friday’s trading session. The intra-day peak of 55,506.32 now stands as the highest level achieved by the KSE-100.

Friday’s trading saw widespread buying activity, particularly in key sectors like automobile assemblers, cement, chemicals, fertilisers, power generation, distribution, refineries, and oil and gas exploration companies.

The positive momentum was attributed to the results of a PIB auction, as noted by Mohammed Sohail, CEO at Topline Securities.

Macro-economic factors also contributed to the positive market sentiment, including a reduction in the country’s current account deficit to $8 million in September 2023 compared to $360 million in the same month last year.

Additionally, a decline in CPI-based inflation added to the favourable market conditions.

Simultaneously, the Pakistani rupee continued its 14-session decline against the US dollar, settling at 287.03, a 0.05 per cent depreciation on Friday.

In another development, overseas workers’ remittances reached $2.5 billion in October 2023, showing an 11.5 per cent increase compared to September 2023.

Trading activity on Friday saw increased volume on the all-share index, rising to 640.8 million shares, with a total share value of Rs21.1 billion.

Notable performers included Cnergyico PK and Pak Refinery in terms of traded volume.
In summary, the PSX’s bullish momentum, driven by positive economic indicators and significant sectoral gains, propelled the KSE-100 Index to a historic high, supported by increased trading activity and positive developments in the currency and remittance sectors.

November 10, 2023
Pakistan stock market continues bullish run, nearing 55,000-point mark

The Pakistani stock market is expected to surge past 55,000 points, continuing its bullish run at the Pakistan Stock Exchange (PSX). The benchmark KSE-100 Index reached a new historic high of 54,261 points on Wednesday amidst record trading activity.

Institutional buying drove the index past the 54,000 mark during intraday trading. Maintaining momentum throughout the day, the KSE-100 Index settled at 54,261.42 points, an increase of 525.69 points, or 0.98 per cent.

Profit-taking erased some gains at the PSX on Tuesday, with the benchmark KSE-100 Index falling by 125 points to settle at 53,735.73 at the end of trading.

However, buying resumed on Wednesday, particularly among index-heavy sectors such as automobile assemblers,cement, chemicals, commercial banks, oil and gas exploration companies, and OMCs.

Analysts attribute the bullish trend to expectations of a decline in the policy interest rate in the coming weeks.

Experts believe that interest rates may come down sooner than expected due to the fall in global oil prices.

Improved macroeconomic indicators, including a decline in the country’s current account deficit to $8 million in September 2023 (down from $360 million in the same month in 2022) and a drop in CPI-based inflation, have also contributed to the positive sentiment at the bourse.

November 9, 2023