KARACHI: The Pakistan Stock Exchange (PSX) on Tuesday continued its record-breaking spree due to positive investor sentiment and improving economic outlook.
The KSE-100 benchmark index has surged by 1176.38 points to reach fresh high of 137,678.91, marking a positive change of 0.86 percent.
The market’s upward movement early in the session sets a positive tone for the rest of the trading day.
Experts have attributed the rise to an increase in workers’ remittances, improved foreign exchange reserves, higher auto sales and trust of the International Monetary Fund (IMF) on the economic policies of the government.
A day earlier, the benchmark index recorded whooping gains of 2,202.77 and closed at 136,502.54 points.
A total of 841,456,115 shares were traded during the day as compared to 765,079,448 shares the previous trading day, whereas the price of shares stood at Rs 37.051 billion against Rs 40.165 billion on the last trading day.
As many as 475 companies transacted their shares in the stock market, 264 of them recorded gains and 195 sustained losses, whereas the share price of 16 companies remained unchanged.
On Monday, Prime Minister Shehbaz Sharif also expressed pleasure over the Pakistan Stock Exchange crossing a historic level, saying that it reflected the confidence of the business community in Pakistan’s economy.
The prime minister, in a statement, said that the current positive economic indicators showed the government’s policies moving in the right direction.
He said that providing a conducive environment to the business community was the government’s priority.
Prime Minister Shehbaz said that the country had embarked on the path to economic growth after achieving stability. He said that the government was working tirelessly for the country’s development and public welfare.
