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.
Reporter Ayaz Rana