Bulls roar as PSX soars to new all-time high crosses 73,000 points

KARACHI: 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 peak occurred following a major boost in investor confidence brought about by increased economic activity, the finance minister’s visit to Washington, and Prime Minister Shehbaz Sharif’s visit to Saudi Arabia.

During intraday trading, the benchmark KSE-100 Index reached a record high of 73,009 points, beating its previous high of 72,750 points.

The index increased by 403 points overall, or 0.35%, from the closing of the previous day, which was indicative of the positive mood that pervaded the market.

Read More: PSX shows signs of recovery, opens at 70,909 points

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.

Funds from both domestic and international sources are flooding the market, maintaining its upward trend.

Important elements of the current market environment include the PM’s visit to Saudi Arabia, the possible payment of the last installment of the existing IMF program, and the start of talks for a new loan program. Foreign and local entities are also bolstering the market’s upward momentum with sector-specific investments.

Investor confidence in Pakistan’s economy has been further reinforced by an increase in the current account surplus, better foreign direct investment, and a spike in investments through Roshan Digital Accounts.

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.