Pakistan’s stock market surges to all-time high of 53,123.04 points

The Pakistan Stock Exchange (PSX) continued its impressive performance, with the benchmark KSE-100 index surging by over 700 points and approaching the historic milestone of 54,000 during Monday’s trading session.

As the closing bell neared, the KSE-100 Index stood at 53,860.36, reflecting a remarkable gain of 737.33 points, or 1.39 per cent.

In the preceding week, the KSE-100 index achieved a then-record high, driven by robust buying primarily from local investors, bolstered by institutional support.

The benchmark index witnessed a substantial week-on-week increase of 2,179.20 points, breaching the 53,000 mark and concluding at an all-time high of 53,123.04 points, a historic first.

Monday’s trading session witnessed broad-based buying, with key sectors such as cement, chemicals, commercial banks, and OMCs all trading in positive territory.

Market analysts attributed this positive momentum to an overall improvement in economic indicators, notably the State Bank of Pakistan’s (SBP) decision to maintain interest rates at 22 per cent during the last Monetary Policy Committee (MPC) meeting.

Additionally, a decrease in the inflation rate, with the October 2023 Consumer Price Index (CPI) at 26.9 per cent year-on-year and favourable feedback from the International Monetary Fund (IMF) mission currently visiting Pakistan, further enhanced market sentiment.

Furthermore, the announcement of final election dates by the country’s election commission, signifying political stability, also played a significant role in creating favourable conditions within the market.