In a historic milestone, the Pakistan Stock Exchange (PSX) achieved an unprecedented feat as the benchmark KSE-100 Index surpassed the 60,000 points mark for the first time ever. This surge comes on the heels of a positive trend, with traders capitalizing on a 405-point increase in the index.
During the early trading hours, the KSE-100 index stood at an impressive 60,460 points, reflecting a substantial gain of over 600 points from Monday’s closing figure of 59,811 points. Over the past four weeks, the index has experienced a remarkable upswing, climbing by more than 8,000 points.
The driving forces behind this bullish momentum include a successful first review with the International Monetary Fund (IMF). Analysts believe that the positive market response is also tied to expectations of an imminent rate cut, fueled by projections of a slowdown in inflation over the coming months.
Additionally, the market sentiment is buoyed by increased clarity regarding upcoming elections.
The current caretaker government’s decisive actions are playing a crucial role in sustaining this upward trajectory. However, it’s worth noting that the Pakistani currency is facing persistent pressure due to import payment obligations.
Despite the challenges in the currency arena, the Pakistani stock market continues its historic climb, marking a significant moment in the country’s financial landscape.