PSX soars above 71,000 points for the first time in history

The Pakistan Stock Exchange (PSX) crossed 71,000 points for the first time in history and surged close to the 72,000 mark on Monday.

(PSX) continued a record-breaking spree as the benchmark KSE-100 Index surged by 1.33% or 940 points.

At 1:38 pm on Monday, the KSE-100 Index hit an unprecedented all-time high of 71,850 points.

The index maintained its momentum, hovering around 71,772 points, marking an impressive intra-day gain of 1.22% or 862 points during the day’s trading.

This record-making performance at the national stock market coincides with the official visit of Iranian President Ebrahim Raisi to Pakistan, as well as the government’s formal approach to the International Monetary Fund (IMF) for a new loan programme.

As reported, stocks from various sectors, notably banks, technology, petroleum refineries, and airlines, took the lead. While the  Banks held sway over the market, the technology firms also played an increasingly significant role in bolstering the country’s exports.

At present, several petroleum refineries listed on the bourse are on the brink of sealing contracts with the government to upgrade their facilities. The objective is to enhance the production of premium products like petrol and diesel while minimizing the output of outdated furnace oil.

Furthermore, investor interest in the national flag carrier has surged following shareholder approval for the company’s restructuring and privatization. Foreign investors are also actively participating in this surge, injecting fresh investments.