PSX surges to record highs, crosses 108,000 points mark

KARACHI: The Pakistan Stock Exchange (PSX) continued its upward trajectory on Thursday, with the benchmark KSE-100 Index reaching an unprecedented level of 108,235 points.

The trading day began with a bullish sentiment, as the index surged by 705 points to hit 105,809 points in early trading. This momentum persisted throughout the day, culminating in a remarkable gain of 3,130 points, pushing the index past the 108,000-point milestone.

Read this too: Another milestone for PSX; crosses 102,000 points

The rally built on Wednesday’s performance, when the KSE-100 Index closed above the 105,000-point threshold for the first time, reflecting robust investor confidence and sustained market optimism.

Market analysts attribute the historic surge to a combination of improved economic indicators, investor interest in blue-chip stocks, and renewed confidence in the country’s financial policies.

Meanwhile, in October, Pakistan’s services exports surged by 13.43 per cent, reaching $688.95 million, compared to $607.37 million in the same month last year.

This marks a continued growth trend since February 2024, driven largely by the strong performance of the information technology (IT) sector. The only exception was in August, when a slight 6.5 per cent decline was recorded.

According to Dawn, in terms of local currency, services exports rose by 12.34 per cent, amounting to Rs191.3 billion compared to Rs170.28 billion in October 2023, as per the Pakistan Bureau of Statistics (PBS).

During the first four months of the fiscal year 2024-25 (July-October), services exports increased by 7.91 per cent to $2.60 billion, up from $2.41 billion during the same period last year.

For the previous fiscal year (FY24), the growth in services exports was modest at 2.77 per cent, rising from $7.59 billion to $7.8 billion. In FY23, services exports grew to $7.30 billion, a 2.78 per cent increase from $7.10 billion the year before.