Pakistan Stock Exchange soars past 61,000 points

KARACHI: After crossing the psychological mark of 60,000 points on Tuesday, Pakistan Stock Exchange (PSX) pierced through 61,000 mark too early on Wednesday.

The benchmark KSE-100 index opened at yesterday’s closing of 60,730.26 points, and quickly amassed 583.39 points to hover around 61,313.65 points by 11 a.m.

Share market has been consistently posting gains for several days, on the back of improving investor confidence and economic metrics.

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Announcement of Pakistan and UAE signing multi-billion dollar investment agreements is likely to have played a part in this improvement of the share market as well. Moreover, stabilising rupee against the US Dollar and controlled inflationary pressures are also aiding in improving investors’ trust in the stock market.

Companies from myriad sectors were notable contributors to the positive momentum, showing that the growth was not driven by any specific segment. However, energy segment seemed to be leading the charge of today’s growth.

A little over 124 million shares traded hands in the opening two hours of trading on Wednesday.