The Pakistan Stock Exchange has achieved a new record, with the stock market surging past the 54,267.76 points mark for the very first time, after an increase of a record 400 points in the trading stock market session Tuesday.
The Karachi Stock Exchange's 100 Index witnessed an all-time high, reaching an outstanding 54,187 points.
SAMAA TV reported record-breaking performance of the Pakistan Stock Exchange is a positive indicator of the country's economic strength and stability, and it will undoubtedly be of great interest to both local and international investors.
Pakistan Stock Exchange (PSX) owner Ameer Yousaf said that since the first of October PSX 100-index gained 750 points and the Pakistan Rupee also performed well against the US dollar while most importantly smooth negotiations with IMF and Pakistan also gave a boost to investors.
He termed the caretaker government and COAS General Asim Munir for their efforts to take the economy on the right track as the military and civilian leadership took the decision to launch a crackdown against the hawaa-hundi illegal businesses.
It is pertinent to note that the KSE-100 index was up by 737 points, as it settled at 53,860.37 on the back of a strong buying spree. This was the highest closing level for the KSE-100 on Monday.
The rate for the US Dollar stood at Rs286 on Tuesday morning, as the interbank exchange rate saw a steady increase of a good 71 paisas at the start of the new trading session.
A short while later, the Pakistani currency lost a huge chunk of Rs1.21 to the US Dollar, which traded at Rs286.50.
In the open market, the Dollar shot up to Rs288 after a rise of Re1 for another straight day.
The price of the US Dollar against the Pakistani Rupee has gone out of control once again, as its demand has increased over the past couple of weeks.
In the last 17 days, the price of American currency has seen a massive increase of Rs9.75 in the interbank market, and more than Rs11 in the open market.
