Early Eid Mubarak for investors as KSE 100 index surpasses historic 70,000 mark
KARACHI, (NNI): There was an early Eid Mubarak for the investors at the Pakistan Stock Exchange (PSX) on Tuesday as the share prices index sped past the all-time high of 70,000 mark for the very first time in country’s history.
The bullish trend, which has been gaining momentum steadily, reached its pinnacle as the index rose by 511 points, marking a remarkable increase of 0.73 percent and reaching a staggering 70,131 points around 9:41 am.
Analysts attribute this remarkable upswing to a confluence of positive factors driving investor confidence to new heights.
This remarkable achievement follows a series of record-breaking milestones in recent days. Just yesterday, the KSE-100 index had surged to an all-time high of 69,000 points, marking an impressive increase of 1203 points.
Prior to that, on April 4, the index had reached new heights, surpassing 68,000 points after a notable surge of 660 points.
The momentum of this historic rally can be traced back to a multitude of factors that have bolstered investor optimism.
The successful conclusion of general elections, coupled with the anticipation of interest rate cuts and substantial inflows from the International Monetary Fund (IMF), has injected renewed vigour into the stock market.
Furthermore, the government's proactive measures to restructure and privatize Pakistan International Airlines Corp (PIAA) have further galvanized investor sentiment, underlining a broader commitment to economic reform and revitalization.
The broader market sentiment remained buoyant, with the All-Share index reflecting a net gain of 273.20 points, reaching 45,970.39. Notably, the fiscal year has witnessed an extraordinary surge of 28,684 points, translating to a remarkable 69.2% increase. Similarly, the ongoing calendar year has seen a cumulative rise of 7,686 points, marking a substantial 12.31% upswing.
As the Pakistan Stock Exchange continues to scale new heights, investors are poised with anticipation, eagerly anticipating further developments and milestones in this remarkable journey of economic resurgence and prosperity.