KARACHI: The Pakistan Stock Exchange (PSX) saw a notable surge today, with the index gaining 523.56 points throughout the trading session. Opening at 70,909.90 points on Monday, the index swiftly climbed by 416 points within the first hour of trading.
By 10 AM, the benchmark KSE-100 index had reached 71,325.96 points, maintaining its upward trajectory into the afternoon. The peak of the day was reached at 71,861.18 points, before settling at a comfortable 71,433.46 points by the close of trading.
The recent surge marks a significant milestone, with the index surpassing the psychological barrier of 71,000 points last week.
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Several factors have contributed to this market strength, including the finance minister’s efforts to secure another IMF program during his visit to the US, a strengthening rupee, a recovering export sector, and the promise of investment from Saudi Arabia. However, concerns over the escalating situation in the Middle East have led to a cautious approach from international investors, exerting some negative pressure on the PSX.
While the banking and telecom sectors predominantly closed in the red, the energy sector saw gains, reflecting the mixed sentiments prevailing in the market.
