PSX closes above 70,000 points on final trading day of Ramazan

WEB DESK: The Stock Exchange of Pakistan (PSX) remained bullish maintained their grip on the Pakistan Stock Exchange (PSX) on Tuesday, propelling shares upwards by over 600 points amidst upbeat sentiments regarding investment inflows from Saudi Arabia.

According to data released by the Pakistan Stock Exchange website, the benchmark KSE-100 index soared past the crucial 70,000 mark to achieve an all-time high, marking the fourth consecutive session of record-breaking gains.

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The KSE-100 index surged to 70,493.02, registering an impressive increase of 873.04 points or 1.25 per cent compared to the previous session’s close of 69,619.98 points as of 10:57 AM. By the close of trading, the index settled at 70,314.71, reflecting a notable uptick of 694.73 points or 1 per cent from the previous session’s close.

The bullish momentum was underpinned by recent developments, with Saudi Arabia committing to expedite the initial tranche of a $5 billion investment in Pakistan. This commitment, made during a meeting between Saudi Crown Prince Mohammed bin Salman and Prime Minister Shehbaz Sharif in Makkah, underscores the strengthening economic ties between the two nations.

Prime Minister Sharif’s three-day visit aimed at securing economic support from Saudi Arabia yielded positive outcomes, further boosting investor confidence.

Moreover, recent data released by the State Bank of Pakistan (SBP) revealed a significant uptick in remittances, reaching nearly $3 billion in March, the highest level since April 2022. The surge in remittances, attributed primarily to Ramazan, signals robust economic activity and underscores the resilience of Pakistan’s economy amidst global challenges.

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As investor optimism continues to grow on the back of positive economic indicators and strategic partnerships, the index continues to reflect that recovering confidence too.