Title: PSX surges once again, crosses 73,000 points
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The Pakistan Stock Exchange (PSX) again surged to an all-time high and crossed 73,000 points on Monday as the bourse remained optimistic of positive economic factors.
The high came after investor confidence was significantly boosted by Prime Minister Shehbaz Sharif's visit to Saudi Arabia, the finance minister's trip to Washington and by increased economic activity.
The benchmark KSE-100 Index touched a record high of 73,009 points during intraday trade, surpassing its previous high of 72,750 points.
Overall, the index rose by 403 points, up 0.35% from the previous day's close, reflecting the bullish sentiment prevailing in the market.
Investor confidence remains robust amidst the anticipation surrounding the privatization plan and optimistic dialogue with the IMF, driving a sustained surge in business activity and propelling the index towards unprecedented heights.
Read Bulls roar as PSX soars to new all-time high
Both local and foreign funds continue to pour into the market, sustaining the upward trajectory.
Premier's visit to KSA and the potential disbursement of the final instalment of the ongoing IMF programme, coupled with the commencement of negotiations for a new loan program, are pivotal factors of the current market landscape. Sector-specific investments by foreign and local entities are also contributing to the market's upward momentum.
Increased current account surplus, improved foreign direct investment, and a surge in Roshan Digital Account investments have further bolstered investor confidence in Pakistan's economy.
Last Friday, the PSX surged to unprecedented heights with substantial gains of over 750 points, reaching an intraday high of 72,862.41 well into the afternoon.
Published Date: 29-Apr-2024
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