The Pakistan Stock Exchange (PSX) soared to unprecedented heights on Monday, reaching a record-breaking 81,295 points. This remarkable achievement came as the market experienced a significant gain of 1,351 points, or 1.66 per cent, from its previous close of 79,944 points. The PSX’s intraday performance was a testament to growing investor confidence and market optimism.
Last week’s trading also reflected positive momentum, as the PSX breached the 81,000-point threshold for the first time. The market had gained 483.98 points, or 0.6pc, closing at 81,050.18 points during intraday trading after a previous close of 80,566.20 points.
Analysts credit several factors for the PSX’s impressive rally. A major contributor is the bolstered investor confidence driven by potential privatisation of state-owned enterprises (SOEs). Prime Minister Shehbaz Sharif’s announcement regarding the initiation of the bidding process for Pakistan International Airlines (PIA) in August has particularly heightened market enthusiasm.
Moreover, the recovery of the Pakistani rupee against the US dollar has played a crucial role in strengthening market sentiments. Investors are also optimistic about the forthcoming negotiations with the International Monetary Fund (IMF), which are expected to further stabilise the economic landscape.