At the opening of trading following a two-day hiatus, the Pakistan Stock Exchange (PSX) has surged to a historic milestone, surpassing the 81,500-point threshold for the first time ever.
The market’s bullish trend has driven the KSE-100 Index up by 600 points to a new record of 81,700 points.
The strong upward momentum observed at the start of the trading day reflects robust investor confidence and favorable economic indicators. Analysts attribute this surge to positive sentiment and optimistic outlooks on key sectors, underscoring growing confidence in Pakistan’s economic prospects.
Despite concerns raised by the Asian Development Bank (ADB) about high inflation levels projected for Pakistan this year, recent economic reports indicate a potential reduction in the country’s debt burden. The ADB’s Asian Development Outlook highlights Pakistan’s economic growth at 2.4% in the last fiscal year, driven significantly by the agriculture sector.
However, the economic landscape remains complex, with reports from Fitch Business Monitor International noting political instability as a potential disruptor to Pakistan’s economic recovery. The ongoing political climate and upcoming challenges could impact economic stability, with implications for the country’s growth trajectory.
Additionally, the International Monetary Fund (IMF) has revised Pakistan’s economic growth forecast for the current fiscal year to 3.5%, aligning closely with the government’s target of 3.6% in the new budget.