KARACHI: Pakistan Stock Exchange (PSX) benchmark KSE-100 witnessed a remarkable surge of 1027 points on the very first day of the week, crossing the milestone of 48,000 points after two years, ARY News reported on Monday.
According to details, the Pakistan stock market started the business week with a remarkable bullish trend, the KSE-100 index observed an increase of more than 1000 points during the trading session, crossing the psychological limit of 48,000 points after two long years.
KSE100 crossed 48k level after 24 months
KSE-100 index went up by 977 points (48,054 pts, +2.07%, on intraday basis) DoD ; the 48k level crossed after ~24 months (last seen on Aug 23, 2021).
The market gained 6,601 points (+15.9%) since staff level agreement with the IMF for… pic.twitter.com/EowHmLVA2L
— Arif Habib Limited (@ArifHabibLtd) July 31, 2023
The KSE-100 index is currently trading at 47,900 points with a gain of 800 points.
As per experts analysis, the portfolio investment is contributing to the improvement in the stock market. In July alone, $1.9 billion were invested in the stock market.
As per the analysts, the confidence of investors in the stock market is also being boosted by the news of agreements with the International Monetary Fund (IMF) and investment from Arab countries in Pakistan.
Vice President of Lahore Chamber of Commerce, Adnan But, expressed satisfaction over the crossing of the 48,000 index, stating that the country needs that economic stability.
