The Pakistan Stock Exchange has set a new benchmark as the stock market surpasses 54,267.76 points for the first time during Tuesday’s trading session, an increase of an unprecedented 400 points.
The PSX surpasses 54000 points as the nation approaches elections. The 100 Index of the Karachi Stock Exchange achieved an unprecedented peak of 54,187 points.
The reported record-breaking performance of the Pakistan Stock Exchange will undoubtedly pique the interest of both domestic and foreign investors as it serves as a positive indicator of the nation’s economic stability and strength.
Owner of the Pakistan Stock Exchange (PSX), Ameer Yousaf, stated that the PSX 100-index has gained 750 points since October 1st, the Pakistan Rupee has performed well against the US dollar, and investors have been bolstered most significantly by the IMF and Pakistan’s amicable negotiations.
He lauded the endeavors of the caretaker government and COAS General Asim Munir in reorienting the economy in the correct direction, even as the military and civilian leadership resolved to crack down on the unlawful hawaa-hundi enterprises.
It is noteworthy that the KSE-100 index experienced a substantial purchasing frenzy, resulting in a 737-point increase to 53,860.37 at the close. The PSX surpasses 54000 points as the nation approaches elections. On Monday, this marked the most significant closing level for the KSE-100.
At the commencement of the new trading day on Tuesday, the interbank exchange rate exhibited a consistent upward movement of 71 paisas, resulting in the US Dollar pegged at Rs286.
The Pakistani currency subsequently depreciated significantly by Rs1.21 against the US Dollar, trading at Rs286.50.
The Dollar surged to Rs288 on the open market following a continuous day-long increase of Re1.
Once more, the demand for the Pakistani Rupee has escalated in recent weeks, causing the value of the US Dollar to surge against it.
The value of the United States dollar has increased significantly by over Rs11 on the open market and Rs9.75 on the interbank market over the past seventeen days.