Business

PSX makes history as stocks soar past 100,000 milestone

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Digital Desk

2 years ago

KARACHI: The Pakistan Stock Exchange (PSX) achieved all-time high numbers as the KSE-100 Index soared past the 100,000-point on Thursday for the first time, reflecting strong investor confidence driven by positive economic indicators.

The benchmark KSE-100 Index, which closed at 99,269.25 points yesterday has surged to the highest of 100,540.29 points with an increase of 1.09% during the intra-day trade.

The current index, at 12:30 pm, was recorded at 99,546 points with a change of 276.75 or 0.28%.

Key contributing companies include the Bank of Punjab, K-Electric Limited (KEL), Pace Limited (PACE), Bank Makramah Limited (BML), Fauji Foods Limited (FFL), Cnergyico PK Limited (CNERGY), and Worldcall Telecom Limited (WTL).

The stocks stabilised on Wednesday after two days of retreat due to political instability in the country’s capital, with the market suffering an over the 3,500-point crash.

However, the KSE-100 climbed 4,600 points to stand at 99,269.25 points from the previous close of 94,574.16 at the end of yesterday after the PTI had called off its protest.

PM felicitates nation

Prime Minister Shehbaz Sharif on Thursday felicitated the entire nation over the 100-index of the Pakistan Stock Exchange hitting the milestone of 100,000 points for the first time.

The prime minister, in a statement, said the stock market surge reflected the confidence of the business community and investors in the government’s economic policies.

Lauding the efforts by the government’s economic team for the promotion of investment in the country, he said that he had pledged with the nation to take all-out measures for economic stability and national development.

“The government’s sacrifice of its politics to save the country from the default did not go in vain,” he said.

“The positive trend (in the stock market) revived with the return of the insurgent group. The enemies of the country’s stability are once again attempting to derail the country,”.

He remarked that besides further reduction in inflation, the policy rate had been brought down to 15% and remittances were on an upward trajectory.

“We will continue to strive for the country’s development. We will not let the enemies of the country’s progress and prosperity succeed in their nefarious designs,” he resolved.

Digital Desk