Karachi: The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index achieved a significant milestone on Thursday, surpassing the 47,000 mark for the first time since November 2021.
During the trading session, the benchmark index reached an intra-day high of 47,393.47 before closing at 47,076.99 points, recording a substantial gain of 394.47 points.
The market has witnessed remarkable growth of 5,624 points (13.6 percent) since reaching a staff level agreement with the International Monetary Fund (IMF) on June 29, as reported by Arif Habib Limited.
Topline Securities CEO, Mohammed Sohail, attributed this rally to several factors, including the IMF deal, increased dollar inflows from friendly countries, rising foreign exchange reserves, and a decline in inflation.
Sohail also highlighted that foreign portfolio investors have returned to the market, with foreign corporates recording net buying of approximately $18 million in July.
The Finance Minister, Ishaq Dar, shared this momentous development in a tweet.
The recent surge in the KSE-100 index reflects positive market sentiment and signals growing investor confidence in Pakistan’s economic prospects. Investors are encouraged by the IMF deal and the country’s stable economic indicators, which have bolstered the market’s performance and attracted foreign investments.
