PSX skyrockets to new record high, crosses 70,000 points

KARACHI: On Monday, the Pakistan Stock Exchange (PSX) crossed 69,000 mark, with over 900 points gain. After opening at 68,416.78 points, the benchmark KSE-100 index was seen hovering at 69,347.74 points close to 1 AM.

The index closed at 69,619.98 points, having risen more than 1,200 points by closing time.

Today, the index opened at yesterday’s closing and jumped 600 points within a few minutes of opening. The index was observed to be hovering 70,220.68 points at 9:30 AM. Several industries contributing to the expansion indicated a general upward tendency in the market.

For the past two weeks, the benchmark KSE-100 index has been rising nearly continuously. Investor sentiment is rising as a result of the better economic outlook, rising anticipation that the State Bank of Pakistan (SBP) may cut policy rates, and increasing US dollar to Pakistani rupee parity.

The optimism among investors may have also been strengthened by the United Nations Economic and Social Survey of Asia and the Pacific (UNESCAP) 2024, which forecasted a stronger economic rebound.
Conversely, the increase in energy costs could result in the energy sector growing slowly or perhaps returning a loss.

Read More: PSX crosses 69,000 mark, boosting market confidence