PSX reaches new heights, surpasses 66,000 mark

KARACHI: The Pakistan Stock Exchange (PSX) market touched new heights as the benchmark index continued its bullish trend on the last day of the business week, and surpassed the 66,000 barrier, ARY News reported on Friday.

It’s been three weeks since the benchmark KSE-100 index maintained its bullish run, while the market giants indicated the trend is due to the successful conclusion of a staff-level deal with the International Monetary Fund (IMF).

With an increase of 1436.95 points, the KSE-100 index is currently trading at 66,155.02 points, with a change of 2.22 percent positive at 12.16 AM on Friday.

In another development related to the stock market, for the first time in the history of Pakistan, the government decided to auction the bonds in the Pakistan Stock Exchange (PSX) market.

Sources close to the development stated that the caretaker Prime Minister Anwarul Haq Kakar in his short visit to Karachi will inaugurate this initiative, after which the trade of the bonds will not only restricted to the banks but the brokers will also be allowed trade bonds in the stock market.

Sources state that the government can provide 20 to 22 percent profit on bond trading, adding that the government is expected to collect Rs 30 billion in revenue by listing bonds in stock market auctions.