PSX hits record high, surpasses 71,000-point mark

KARACHI: Pakistan’s stock market achieved a historic milestone as the KSE-100 index soared past the 71,000-point mark on Tuesday, setting a new record high. The index initially rose by 466 points or 0.66% during the trading session, ultimately closing at 70,483 points, representing a modest decline of 60 points or 0.09% by day’s end.

This remarkable surge was largely attributed to positive news surrounding potential Saudi investments, particularly boosting the performance of oil and gas shares, as highlighted by Yousuf M Farooq, Director of Research at Cheese Securities.

The recent upward trend in the market follows a series of notable milestones. On April 9, the KSE-100 index breached the 70,000-point level for the first time, recording a gain of 694 points. Just a day earlier, it reached a new high of 69,426 points after a remarkable surge of 1,203 points.

According to Taher Abbasi, Head of Research at Arif Habib Limited, earlier milestones included the index surpassing 69,000 points on April 4, and hitting 67,756 points on April 3, reflecting robust market performance in recent weeks.

These developments coincide with anticipation surrounding Prime Minister Shehbaz Sharif’s upcoming visit to Saudi Arabia, where discussions on bilateral agreements are expected.

The KSE-100 index has demonstrated significant growth in recent months, reaching 67,594 points on April 28, 2024, and closing at 66,547 points on March 27, 2024. It peaked at 66,426 points on December 12, 2023, underscoring a sustained upward trajectory.