PSX shatters records with unprecedented high of 81,000 points

KSE-100 index rose by 483.98 points, reaching 81,050.18, following previous 80,566.20 point

News Desk July 09, 2024
The last trading session of calendar year 2022 ended on a positive note. PHOTO: File

The Pakistan Stock Exchange (PSX) on Tuesday surpassed the 81,000-point mark, marking a historic milestone driven by robust buying from both local and foreign investors.

The benchmark KSE-100 index rose sharply by 483.98 points, or 0.6%, reaching 81,050.18 points during intraday trading, following a previous close of 80,566.20 points.

Yesterday morning, trading began positively but it was soon disrupted by a fire incident at the PSX. Later, the situation was brought under control and trading resumed immediately after midday and PSX saw a notable increase of 353.41 points, or 0.44%, closing at 80,566.21 points. The market's resilience amidst recent challenges underscores its attractiveness to investors seeking growth opportunities.

Analysts attribute this record high to several factors, including investor confidence bolstered by the potential privatization of state-owned enterprises (SOEs), notably highlighted by Prime Minister Shehbaz Sharif's commitment to initiate the bidding process for Pakistan International Airlines (PIA) in August.

Additionally, the recovery of the Pakistani rupee against the dollar and optimism surrounding upcoming talks with the International Monetary Fund (IMF) have contributed significantly to the bullish sentiment.

Ahsan Mehanti from Arif Habib Corp emphasized the role of accommodating State Bank of Pakistan (SBP) policy rates in stimulating market activity. Meanwhile, Khurram Schehzad, CEO of Alpha Beta Core, highlighted investor confidence in anticipated economic reforms and stability, anticipating further market growth.

This surge comes amidst ongoing market resilience despite temporary interruptions, such as the recent fire incident at the PSX building, which briefly suspended trading activities but did not dampen overall investor sentiment.


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