BUSINESS/FINANCE
Pakistan Stock Exchange Hits New High as Market Surges Beyond 83,000 Points
In a landmark moment for Pakistan’s financial markets, the Pakistan Stock Exchange (PSX) on Friday soared past the 83,000-point barrier, setting a new record for the KSE-100 index. The index rose by 319 points in early morning trade, reaching an unprecedented 83,041 points.
This surge comes on the back of several positive economic developments. A decline in inflation rates, a recent cut in the State Bank of Pakistan’s policy interest rate, and the disbursement of the first tranche of the International Monetary Fund (IMF) loan have all contributed to an increase in investor confidence.
Thursday’s trading session also saw impressive gains, with the KSE-100 index closing at 82,721 points after a significant rise of 754 points. The continuous growth in the market has created a bullish outlook among market participants.
In addition to the stock market’s growth, the US dollar has been depreciating in the interbank trade, further contributing to the optimistic economic sentiment. On Friday, the dollar fell by 24 paisa, reaching 277.50 against the Pakistani rupee.