Pakistan Stock Exchange hits 100,000 milestone for the first time

After days of ups and downs amid political upheavals, the Pakistan Stock Exchange (PSX) on Thursday at last ripped through the 100,000 barrier after the dust settled in Islamabad following fizzling out of the PTI protest march, reported 24NewsHD TV channel.

The benchmark KSE-100 index rallied by over 1,000 points in the morning session skyrocketing the index to 103,300 points, first time in bourse’s history, as compared to previous day’s close of 99,269.25 points.

After crossing the 100,000 mark, the investors opted for profit-taking the bourse down by a couple of hundreds of points.

This came a day after the market marked the highest single-day rise of 4,695 points or 4.96 percent.

Experts opined that the stock exchange were recovering after the PTI protest dissipated. They said the bourse was coming back to its terms from a sharp correction after the government had successfully dispersed crowds in the federal capital.

On Wednesday, the (PSX) bounced back, climbing more than 4,600 points and posting its highest-ever single-day gain, just a day after it witnessed a massive sell-off due to political unrest.

The PSX’s remarkable turnaround was made possible by the end of street confrontations between PTI protesters and law enforcement agencies in Islamabad.

The KSE-100 climbed 3,275.22 points, or 3.46 percent, to stand at 97,849.38 points from the previous close of 94,574.16 at 9:43am. By 1pm, the index increased by 3,702.62 points to stand at 98,276.78 points. By the end of the trading session, the index had surged 4,695.09 points, or 4.96 percent, to stand at 99,269.25.

PM Shehbaz says PSX record reflects trust of investors

Prime Minister Shehbaz Sharif has congratulated the nation on Pakistan Stock Exchange (PSX) 100 Index surpassing 100,000 for the first time in history.

In a statement issued in Islamabad on Thursday, the prime minister said this remarkable achievement reflects the trust of business community and investors in government’s policies.

Shehbaz Sharif said the government's economic team and officials working tirelessly to promote investment in the country deserve appreciation for achieving this milestone.

The PM said he had pledged to take every possible measure for the economic stability and development of the country. He mentioned that they sacrificed their politics to save Pakistan from default. By the grace of God Almighty, the sacrifice has not gone in vain.

Shehbaz Sharif said that as soon as the anarchist group left, the positive trend returned to the stock exchange. He said enemies of stability and development are making malicious and failed attempts to derail the country again.

The premier pointed out that the inflation rate in the country has further decreased, the interest rate stands at fifteen percent and remittances have reached a record high.

Shehbaz Sharif said the government will continue to work tirelessly for the development of the country. He said we will not allow the enemies of the nation's development and prosperity to succeed in their nefarious designs.

Sindh governor, Punjab CM over the moon on PSX’s performance

Expressing their jubilation that the Pakistan Stock Exchange (PSX) was presently all-time high, both Sindh Governor Kamran Tessori and Punjab Chief Minister Maryam Nawaz on Thursday said the stock market was able to show record-breaking performance due to the hard work and untiring efforts made by the country’s civilian leadership as well as the military establishment, reported 24NewsHD TV channel. 

Governor Tessori said that the credit for an improvement in the country’s economic condition went to Prime Minister Shehbaz Sharif, members of his economic team and Army Chief General Asim Munir. “Besides defending the country’s frontiers, the army chief is also contributing to strengthening the country’s economy,” he said, adding that he did not have an account; otherwise, he would have certainly invested in the stock market.

He was of the view that when it came to the economy, all political parties should be on the same page. 

He appealed to the Pakistani investors to bring the capital they had invested abroad back to Pakistan. “It is only when Pakistanis invest in their own country will the country develop and become prosperous.”  

On the other hand, Punjab CM Maryam, while commenting on the market going beyond the 100,000 barrier, said she was thankful to the Almighty Allah for that. “The PSX has achieved the distinction of being the world’s best-performing equity market.”

“By the grace of the Almighty Allah, a new record has been set in the market today,” Maryam said, adding, “No one can deny the fact that whenever the PML-N comes to power, records are broken in the country’s stock market.” 

The chief minister, on the occasion, also paid tributes to the prime minister and his team for making this happen.

 
Reporter Ayaz Rana