The Pakistan Stock Exchange (PSX) witnessed a monumental day on Friday, with its benchmark KSE-100 Index breaking the 80,000-point barrier for the first time. This surge follows a gain of over 2,000 points the previous day.
The excitement began early, with an enthusiastic buying spree pushing the index into the coveted 80,000 territory within the first hour of trading. While the index slightly receded later in the day, it still closed at a respectable 79,353, reflecting a gain of over 550 points.
Analysts attribute this remarkable rise to optimism surrounding the upcoming budget and ongoing negotiations with the International Monetary Fund (IMF). Expectations are high that the budget will pave the way for a larger and longer IMF program, boosting investor confidence. Experts believe this positive sentiment, coupled with rising foreign investment, could propel the PSX towards the 100,000-point mark within a year.
While some caution that valuations haven’t yet reached their 2017-2018 peaks when viewed in dollar terms, the current momentum is undeniable. The optimistic outlook is further fueled by a record high in worker remittances, another key indicator of Pakistan’s economic health.
The surge was accompanied by high trading activity, with Hum Network Limited, Silkbank Limited, and Habib Bank Limited leading the pack in terms of traded shares.
This historic achievement for the PSX is a welcome sign for Pakistan’s financial landscape. It reflects growing investor confidence and optimism about the country’s economic future.
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