Pakistan Stock Exchange surpasses 99,000-point threshold

KARACHI: The Pakistan Stock Exchange (PSX) witnessed another day of strong gains on Friday, with the benchmark KSE-100 Index surpassing the historic 99,000-point threshold amid bullish investor sentiment.

Trading opened with an initial surge of 686 points, pushing the KSE-100 Index to a record 98,014 points. The positive momentum continued as the index climbed by 1,205 points and then by 1,303 points, reaching 98,631 points.

In a remarkable development, the index later posted a dramatic increase of 2,057 points, breaching the 99,000 mark for the first time in history and closing at an all-time high of 99,385 points.

Meanwhile, the interbank market recorded a slight decline in the dollar’s value, with the currency dropping by 38 paisas to settle at Rs277.57.

It’s worth noting that earlier this week, the stock market had faced a steep decline following record highs, resulting in significant losses for investors. However, Friday’s robust performance signals renewed confidence as the market closed the trading week on a high note.

Mwanwhile, Bitcoin touched a fresh record high on Friday, with its sights set firmly on the $100,000 barrier, in a stellar rally for the cryptocurrency sparked by expectations of a friendlier regulatory environment under a Donald Trump administration.

It has more than doubled in value this year and is up about 45 per cent since Trump’s sweeping election victory on November 5, which has also seen a slew of pro-crypto lawmakers being elected to Congress.