Karachi, November 15, 2024 – The Pakistan Stock Exchange (PSX) achieved a historic milestone on Friday as the benchmark KSE-100 Index crossed the 95,000-point mark for the first time. During the second session of the day, the index surged by 1,085 points, closing at an all-time high of 95,278 points. This impressive rally, which added over 1,000 points to the market, highlighted a surge in investor confidence and optimism.
Earlier in the day, the index had climbed 790 points to reach 94,982 points, setting the stage for a record-breaking performance. Strong early momentum pushed the index over 500 points in initial trading, eventually rising 594 points to touch 94,786 points before crossing the 95,000-point barrier later in the session.
The surge in market performance coincided with encouraging economic developments. The State Bank of Pakistan (SBP) reported an increase in foreign exchange reserves by $84 million, bringing the total to $11.26 billion as of November 8, marking a 0.75% week-on-week rise. The country’s total liquid foreign reserves also rose by $33.7 million to $15.97 billion, while reserves held by commercial banks decreased by $50.3 million, settling at $4.71 billion.
Positive sentiment was further bolstered by optimism surrounding ongoing discussions with the International Monetary Fund (IMF). Minister of State for Finance Ali Pervaiz Malik highlighted significant progress in Pakistan’s economic strategy, noting a substantial reduction in the current account deficit to $100 million in the first quarter, aided by increased remittances and export growth. He reassured markets by dismissing speculation about potential mini-budgets or increases in the petroleum levy as premature.
The record-breaking performance of the PSX reflects renewed optimism in Pakistan’s financial markets. With improving macroeconomic indicators, favorable policies, and fiscal stability, analysts anticipate continued upward momentum in the stock market.
