Pakistan stock market surges past 50,000 points after six-year hiatus

WEB DESK: In a remarkable turn of events, the Pakistan stock market surged with formidable momentum on Tuesday, crossing the significant benchmark of 50,000 points for the first time in six years and five months.

However, the day concluded on a negative note as the PSX faced a setback, losing 200 points, and the KSE-100 index benchmark settled at 49,531 points.

This downturn was attributed to the American currency’s resilience against the Pakistani rupee during the second business day of the week, altering investors’ sentiment and leading to the PSX’s negative closure.

Throughout the trading session on Tuesday, shares worth Rs10.3678 billion were traded.

Interestingly, the Pakistani rupee maintained its winning streak, making a substantial recovery of a record Rs30 against the US dollar in inter-bank trade last month.

Read more: Pakistani rupee’s winning streak against US dollar ends after 28 sessions

At the Pakistan Stock Exchange (PSX), the benchmark Karachi Stock Exchange (KSE) 100 Index experienced a positive surge, rising by 192.69 points to reach 50,324 points during the morning trading session.

Several factors contributed to the PSX’s performance, including the appreciation of the rupee, a significant decrease in POL (petroleum, oil, and lubricants) prices, and a positive economic outlook report recently released by the International Monetary Fund (IMF).

The US dollar continued its downward trend, reaching Rs275.75 with a decrease of eight paisas on the 29th business day against the resilient Pakistani rupee.

These developments marked a significant shift in the financial landscape, influencing market dynamics and investor confidence.