KARACHI – The Pakistan Stock Exchange (PSX) sustained its upward trajectory, marking a historic moment as the KSE-100 index surged past the 59,000 mark for the first time during intraday trading.
The PSX website reported that the benchmark index soared to 59,397.44 points at 10:24 am, exhibiting a gain of 497.60 points or 0.84% from the previous day’s closing figure of 58,899.84 points.
Intermarket Securities’ Head of Equities, Raza Jafri, highlighted, “The market’s continual surge to new heights stems from the government’s robust economic focus and well-managed risks, contributing to its momentum.”
Jafri noted that despite the rally, market valuations remain attractive, crediting the resurgence in foreign investment as a pivotal factor driving this surge.
The KSE-100 index, recognized as Asia’s top-performing index, observed a 1.2% rise earlier due to an optimistic economic outlook, a narrowing current account deficit, and government initiatives to tackle circular debt in the power sector, as outlined by analyst Ahsan Mehanti.
Mehanti emphasized, “The remarkable surge in exports, ongoing rupee stabilization, prospects of declining interest rates, and bolstering foreign reserves post the International Monetary Fund’s disbursement of the next tranche all contributed to this record-breaking closure.”
Echoing this sentiment, analyst Ali Najib from Topline Securities remarked on the unstoppable momentum in equities, witnessing the benchmark index’s further surge by over 1%.
