Pakistan Stock Exchange reaches a new high, crosses the 64,000 mark

The Pakistan Stock Exchange (PSX) recently achieved a historic milestone as the KSE-100 index reached an unprecedented intra-day high of 64,038.83 points. This impressive surge in stock values was fueled by various factors that bolstered investor confidence. An optimistic economic outlook, combined with the expectation of a current account surplus in November 2023, laid a strong foundation for positive market sentiment.

Key sectors like technology, exploration and production (E&P), and banking witnessed robust buying activity, indicating a diverse and bullish market sentiment. Contributing to this upward momentum were a significant reduction in external debt and positive trends in the financial landscape. The market closed near the 64,000 mark, settling at 63,917.72 points.

Crucial to this upward trend were increased dollar inflows and the stability of the Pakistani rupee, highlighting the resilience of the country’s economic fundamentals. Foreign investors, recognizing growth potential, demonstrated confidence by being net buyers of shares worth Rs634.2 million. This record high not only showcases the current strength of the Pakistani stock market but also underscores the nation’s appeal to both domestic and international investors.

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