pakistan stock exchange makes history, surpassing 55,000 with a 1,100 point gain in live trading
The Pakistan Stock Exchange (PSX) has achieved a significant milestone by crossing the 55,000-point mark during intraday trading, setting a new all-time high record. This remarkable feat was accomplished on Friday, with the benchmark KSE-100 index surging past the milestone, following a gain of over 833 points. The surge was fueled by several positive factors, including clarity on the election date and optimistic expectations of a favorable review from the International Monetary Fund (IMF).
As of 10 a.m on Friday, the last trading day of the week, the PSX 100 index was recorded trading at 55,094 points. This surge comes just a few days after the index crossed the 54,000 points mark earlier in the week, indicating a consistent upward trend.
Raza Jafri, the Head of Equity at Intermarket Securities, told that the rally was driven by strong domestic institutional buying and a reduction in the yields of Pakistan Investment Bonds (PIBs). These factors have contributed to a positive market sentiment and increased investor confidence.
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It’s noteworthy that the last time the index traded above the 52,000 points mark was in 2017 during the tenure of the Pakistan Muslim League-Nawaz (PML-N).
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The achievement of crossing the 55,000-point mark underscores the resilience and strength of the Pakistani stock market, positioning it as a notable player in the global financial landscape. Investors and market participants are now closely watching for more developments and indicators