The Pakistan Stock Exchange (PSX) made a significant leap on Friday, surpassing the 98,000 points mark. After closing above the psychological 97,000-point limit on Thursday with over 1,700 points in gains, the market continued its bullish momentum. The KSE-100 index opened at 97,328.39 points and quickly jumped by nearly 600 points in the early moments of trading. Shortly after, the market surged by over 700 points, crossing the 98,000-point threshold.
This positive movement follows a strong performance on Thursday, where the market recovered from early signs of slowdown. Despite political uncertainty, including an upcoming protest rally by an opposition party, the stock market showed resilience. The KSE-100 index has been on a steady upward trajectory for several weeks, supported by factors such as improved corporate earnings, lower government bond yields, and favorable macroeconomic indicators.
Analysts believe that these positive fundamentals have helped bolster investor confidence, enabling the market to absorb any shocks from political instability. Federal Finance Minister Muhammad Aurangzeb has also reassured investors about the success of the International Monetary Fund's (IMF) mission in Pakistan, while promising that no new taxes will be imposed on the salaried class. Additionally, the Asian Development Bank (ADB) has agreed to a $500 million loan for green financing in Pakistan, further boosting investor sentiment.
The stabilization of Pakistan's foreign exchange reserves, as reported by the State Bank of Pakistan (SBP), is also helping to support the stock market and attract foreign investment. With these positive developments, the PSX seems to be on a strong upward path, with investors optimistic about the future.
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