Friday, May 17, 2024

First Time Ever! Pakistan Stock Exchange Crosses 70,000 Mark

The Pakistan Stock Exchange (PSX) continued its upward trend as the main KSE-100 Index hit a major milestone, crossing the 70,000-point threshold for the first time ever on Tuesday.

By 12:45 pm, the benchmark index had soared to 70,438.68 points, marking a significant increase of 818.70 points or 1.18%. Earlier in the day, it had reached a peak of 70,677.29 points.

In recent weeks, the KSE-100 has been consistently breaking its own records, buoyed by investor confidence in expectations of a decrease in interest rates, lower inflation rates, increased inflows of foreign currency, and generally positive outlook for Pakistan’s economy.

The rising trend in the KSE-100 has been widespread across various sectors, including cement, banking, automotive, and energy.

On Tuesday, there was noticeable buying activity in companies involved in automobile manufacturing, commercial banking, and oil and gas exploration. Additionally, major stocks like PPL, OGDC, PSO, SNGPL, MEBL, and HCAR were trading positively, contributing to the overall bullish sentiment.

Mohammed Sohail, CEO of Topline Securities, mentioned that Pakistan’s market reaching the 70k milestone is linked to positive news regarding investments and deposits from Saudi Arabia. He also highlighted the ongoing trend of foreign investors buying into Pakistani equities, noting that the KSE-100 has surged by nearly 70% since the end of June.

The continuous rise in the stock market reflects growing confidence in Pakistan’s economic prospects and demonstrates the resilience and attractiveness of the country’s investment landscape to both local and international investors.

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