Stock market charges upwards, crosses 62,000 points

KARACHI: Pakistan Stock Exchange (PSX) began the trading week on a bullish note, charging through 62,000 points mark, reaching an all-time high.

The share market has posted notable gains over the past several weeks, with sporadic downturns and moderate fluctuations.

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Today, the index opened at 61,691.25 points, quickly shooting up by 715.68 points to hover around 62,393.11 points by 10 a.m. This hike was achieved by less than a 100 million shares trading hands on Monday morning.

Experts are of the opinion that the index is charging based on the expectations of a reduction in interest rates by the central bank. Furthermore, the expectations of the IMF green-lighting the tranche this week has added to investor confidence, as have the announcements of Pakistan’s recent MoU signings with the UAE.