The Pakistan Stock Exchange (PSX) ended the business week on an unprecedented high, closing near the historical level of 76,000 points for the first time.
The benchmark KSE-100 Index surged by 868 points to close at a record 75,983 points. During intraday trading, the index touched an all-time high of 76,200 points, registering an impressive increase of 1,134 points.
Earlier, the PSX made history today by surpassing the 76,000-point mark for the first time, signalling a significant bullish trend in the market. The KSE-100 index soared by 888 points during trading, closing at a record high of 76,006 points.
This remarkable surge is attributed to several positive economic developments. Key among them is the progress in Pakistan's loan program with the International Monetary Fund (IMF), which has bolstered investor confidence and contributed to the market's upward trajectory.
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Additionally, news of a substantial investment from the United Arab Emirates (UAE) has further fuelled market optimism. The UAE has announced a $10 billion investment in Pakistan, which is expected to have a substantial impact on the country's economic stability and growth prospects.
At the start of business on Friday, the PSX witnessed an extraordinary surge, with the KSE-100 index climbing by 500 points, reaching an unprecedented level of 75,614 points.
Since the beginning of business, the PSX has been booming, demonstrating robust market confidence and strong investor interest. Market analysts attribute this remarkable rise to a combination of favourable economic indicators, positive corporate earnings reports, and investor optimism about the future economic outlook.
In related financial news, the value of the US dollar decreased by 15 paisas in the interbank market. The American currency is now trading at Rs278.15. This slight decrease in the dollar's value is seen as a positive sign for the local currency and may contribute to further strengthening investor sentiment in the stock market.
Also Read: US Dollar rises in interbank market; PSX falls below 75,000 points
The PSX's impressive performance today is seen as a continuation of the positive trends observed in recent months.
In the interbank market on Thursday, the US dollar depreciated by 17 paisas, settling at Rs278.30. This slight decline comes amid ongoing economic adjustments and market responses to both domestic and international financial dynamics.
Meanwhile, the Karachi Stock Exchange witnessed a day of fluctuations, with the KSE-100 index trading down by 7 points, closing at 74,950 points at the start of business for the day. Market analysts attributed the minor dip to a combination of investor caution and mixed signals from global markets.
