The Pakistan Stock Exchange (PSX) achieved a historic milestone on Thursday, surpassing the 100,000-point mark, highlighting strong investor confidence driven by positive economic trends.
The KSE-100 Index surged by 1.09%, or 1,077.25 points, reaching 100,346.50 points during intra-day trade, up from 99,269.25 points at the previous close. Despite a significant setback just days earlier, when political unrest led to a 3,500-point decline, the market rebounded impressively, rising by more than 4,600 points following the end of protests by the PTI party.
Market analysts attribute this recovery to several factors, including the government’s steadfast commitment to economic reforms. Samiullah Tariq, head of research at Pak-Kuwait Investment Company, noted that lower inflation expectations and falling yields have also contributed to the market’s rally.
Inflation is expected to slow to 5.8%-6.8% in November and further decrease in December, according to the finance ministry’s report. The KSE-100 Index’s rise also reflects a 60% year-to-date gain, driven by 47% capital gains and 13% dividend yield.
Commercial banks, fertilisers, and oil and gas exploration sectors have been key contributors to the index’s growth. Top stocks such as Fauji Fertilizer and United Bank Ltd played an important role in this surge.
The adherence to the International Monetary Fund’s (IMF) program has been another crucial factor supporting the market’s growth. Expectations of increased mutual fund investments in equities are also driving the index higher.
PM Congratulates the Nation
Prime Minister Shehbaz Sharif congratulated the nation on the PSX’s historic achievement. He attributed this success to the trust of the business community and investors in the government’s policies. He praised the government’s economic team for their efforts and emphasized that the sacrifices made for Pakistan’s economic stability had been worthwhile.
The Prime Minister noted that once the PTI protests subsided, the stock market’s positive momentum returned. He also highlighted the decrease in inflation, the stable interest rate of 15%, and record remittance inflows as key achievements, vowing to continue efforts for the country’s development and prosperity.
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