Pakistan Stock Exchange touches highest level in 6 years, crossing benchmark of 50,000 points

KARACHI – Pakistan Stock Exchange on Tuesday crossed 50,000 points, the highest level it has crossed in six years, with experts linking bullish sentiments to economic recovery.

Pakistan stock market continued its upward momentum and crossed the benchmark of 50,000 points after a gap of six and years and five months. 

At the PSX, the benchmark Karachi Stock Exchange (KSE) 100 Index soared by 192.69 to 50,324 points.

Money market experts link the PSX performance with PKR appreciation while a massive slash in petroleum prices and a recent positive economic outlook report by the International Monetary Fund (IMF).

Meanwhile, US Dollar is around a month low against rupee and it hovers around Rs275.75.

Last month, rupee slid to 307.1 in the inter-bank market, but authorities continued a crackdown against smuggling and controls on the Exchange Companies (ECs) sector.

With administrative measures introduced by the central bank, Pakistan started a crackdown on money market and so far 9 exchange companies faced suspension over regulatory violations.