PSX makes history, crosses 100,000-point mark

The Pakistan Stock Exchange (PSX) surpassed the 100,000-point milestone on Thursday, achieving a historic high and showcasing robust investor confidence fuelled by encouraging economic trends.

The PSX’s benchmark KSE-100 Index has surged by 1077.25 points or 1.09% to surge to 100,346.50 points during the intra-day trade, up from the previous close of 99,269.25 points.

The stocks had retreated two days back due to political instability, with the market suffering an over 3,500-point crash after PTI’s march on Islamabad turned violent.

However, it bounced back to surge by more than 4,600 points and close at 99,269.25, soon after the party had called off its protest following a government crackdown on protesters.

Market experts credited the historic achievement to several factors, particularly the government’s unwavering commitment to implementing reforms.

Samiullah Tariq, the head of research at Pak-Kuwait Investment Company, told Thenews.com.pk that a fall in yields and lower inflation expectations are also driving the market.

Inflation is projected to slow to 5.8%-6.8% in November, and then further to 5.6%-6.5% in December, the finance ministry said in its monthly economic report.

The KSE-100 Index’s historic milestone also reflects a 60% year-to-date gain driven by a mix of 47% capital gains and 13% dividend yield.

Key contributing sectors include commercial banks, fertilisers, and oil and gas exploration, while top stocks like Fauji Fertilizer and United Bank Ltd played a pivotal role.

The analyst noted that a key factor driving the market’s upward momentum was the government’s consistent adherence to the International Monetary Fund’s (IMF) programme.

Tariq further added that expectations of increased mutual fund investments in equities contributed to the index’s ascent.

PM congratulates nation

In a statement, Prime Minister Shehbaz Sharif congratulated the nation on the market’s historic rise.

The prime minister said this remarkable achievement reflects the trust of the business community and investors in the government’s policies.

PM Shehbaz said the government’s economic team and officials working tirelessly to promote investment in the country deserve appreciation for achieving this milestone.

The premier said he had pledged to take every possible measure for the economic stability and development of the country. He mentioned that they sacrificed their politics to save Pakistan from default. “By the grace of God Almighty, the sacrifice has not gone in vain.”

Shehbaz said that as soon as the “anarchist group left”, referring to the PTI, the positive trend returned to the stock exchange.

“Enemies of stability and development are making malicious and failed attempts to derail the country again,” he said.

He pointed out that the inflation rate in the country has further decreased, the interest rate stands at 15% and remittances have reached a record high.

He said the government will continue to work tirelessly for the development of the country. The prime minister said we will not allow the enemies of the nation’s development and prosperity to succeed in their nefarious designs.