Saturday, March 2, 2024

Pakistan Stock Exchange Surpasses 59,000 Points For the First Time in Histroy


The Pakistan Stock Exchange (PSX) achieved a significant milestone as the KSE-100 index reached a historic high, surpassing the 59,000 mark for the first time during intraday trading. At 10:24 am, the benchmark index stood at 59,397.44 points, reflecting a notable gain of 497.60 points or 0.84% from the previous day’s closing figure of 58,899.84 points.

Raza Jafri, Head of Equities at Intermarket Securities, attributed the sustained upward trajectory of the market to the government’s robust economic focus and effective risk management strategies. Despite the ongoing rally, Jafri pointed out that market valuations remain attractive, with the resurgence in foreign investment playing a pivotal role in driving the surge.

The KSE-100 index, recognized as Asia’s top-performing index, experienced a 1.2% rise earlier, propelled by several positive economic indicators. Analyst Ahsan Mehanti cited an optimistic economic outlook, a narrowing current account deficit, and government initiatives to address circular debt in the power sector as contributing factors.

Mehanti also highlighted key factors such as a substantial increase in exports, ongoing stabilization of the national currency (rupee), expectations of declining interest rates, and strengthened foreign reserves following the disbursement of the next tranche by the International Monetary Fund. These factors collectively contributed to the record-breaking closure.

Ali Najib, an analyst from Topline Securities, echoed this sentiment, emphasizing the unstoppable momentum in equities, with the benchmark index surging by over 1%.

This indicates a widespread positive sentiment in the market, driven by a combination of favorable economic indicators and government policies aimed at supporting economic growth and stability. The remarkable performance of the PSX reflects confidence in the country’s economic prospects and investment opportunities.

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