Pakistan Stock Exchange Surges Past 135,000 Points Barrier

The Pakistan Stock Exchange (PSX) started the trading week positively by crossing the intraday high of 135,000, driven by increased investor sentiment and an improved economic outlook. The market opened at 134,299.76 points and quickly gained 1,170 points to surpass the 135,000 points mark. The benchmark KSE-100 index rose by 1.37% to reach 136,119.27 points by 12:15pm, with a total trading volume of 134,882,053 shares valued at Rs 11.12 billion.

Prime Minister Shehbaz Sharif expressed satisfaction with the stock market reaching an all-time high. He stated that the PSX's achievement reflects the growing confidence of the business community in Pakistan's economy. The Prime Minister emphasized the government's commitment to creating a business-friendly environment and highlighted the country's transition from economic stability to growth through continuous efforts for national development and public welfare.

The recent positive economic indicators, including a surge in workers' remittances, robust auto sales, and increased foreign exchange reserves, have contributed to investor optimism. Workers' remittances reached a historic $3.4 billion in June, up 8% year-on-year, while the State Bank of Pakistan's foreign exchange reserves rose to $14.5 billion, the highest level in 39 months. The auto sector also performed well, with car sales in June increasing by 64% year-on-year and 47% month-on-month.

The stock market's bullish trend in the previous week, supported by strong macroeconomic fundamentals and active buying by local mutual funds, has shown positive signs of economic recovery and investor trust. The government's focus on stabilizing the economy and implementing structural reforms has been instrumental in driving this positive outlook.