KARACHI: In a remarkable display of bullish momentum, the Pakistan Stock Exchange (PSX) witnessed an impressive surge on Tuesday, with shares soaring by over 800 points intraday. This surge comes amidst hopes of an anticipated financial backing from Saudi Arabia very soon.
The benchmark KSE-100 index breached the historic 70,000 points benchmark, marking an all-time high and extending its streak of record-breaking sessions to four, as per data released by the Pakistan Stock Exchange website.
During morning trading hours, the KSE-100 index surged to 70,493.02, representing a substantial increase of 873.04 points or 1.25 per cent from the previous closing level of 69,619.98 points.
Of particular significance is the agreement between Prime Minister Shehbaz Sharif and Crown Prince Mohammed bin Salman to accelerate the implementation of the initial phase of a substantial $5 billion investment package earmarked for Pakistan. This agreement, outlined in a joint statement issued by both nations, highlights the commitment to enhancing bilateral economic cooperation.
The anticipated influx of Saudi investment has fueled investor confidence, contributing to the bullish sentiment observed in the market. Analysts suggest that the injection of funds from Saudi Arabia could provide a significant boost to Pakistan’s economy, supporting various sectors and stimulating growth.
As investors eagerly await further developments regarding the Saudi investment package, market dynamics continue to be influenced by geopolitical and economic factors. The sustained upward trajectory of the PSX reflects the growing optimism and investor appetite for Pakistani equities amid evolving global economic landscapes.