KSE-100 extends rally, crosses 156,000 mark
PM lauds performance of economic team
KARACHI: The equity market extended its rally on Monday, climbing past the 156,000 level in intraday trade to set another all-time high as investors responded positively to fresh liquidity and policy-driven optimism.
The Pakistan Stock Exchange’s benchmark KSE-100 Index settled at 156,087.30 points, up 1,810.11 points, or 1.17%, from the previous close of 154,277.19.
During the session, the index climbed to an intraday high of 156,080.79 points, gaining 1,922.09 points, or 1.25%, while touching a low of 154,944.87 points, up 667.68 points, or 0.43%, from the previous close of 154,277.19.
“A successful SCO meeting, the impending circular debt resolution, along with ample liquidity in the market, is the driving force behind the rally,” said Ahfaz Mustafa, CEO of Ismail Iqbal Securities.
“A lot of SOEs that generally traded cheaply are realising their market-based values and causing the rally,” he added.
Prime Minister Shehbaz Sharif expressed satisfaction over the market’s record-breaking performance, noting that the KSE-100 crossing the 156,000 level reflects traders’ and investors’ confidence in government policies. He said the journey of national development continues due to the hard work of the economic team.
The prime minister highlighted that the signing of agreements and MoUs worth billions of dollars between the Chinese private sector and Pakistani firms will establish industries, boost exports, and create employment opportunities.
He further said that the efforts of the economic team in improving the country’s economic direction were commendable.
PM Shehbaz on Thursday assured Chinese investors of the swift removal of red tape in investment procedures as Pakistan and Chinese firms signed 21 memorandums of understanding worth $4.2 billion.
The government also formally launched the second phase of the China-Pakistan Economic Corridor (CPEC 2.0) during the Pakistan-China B2B Investment Conference in Beijing.
Meanwhile, Prime Minister Shehbaz Sharif has expressed satisfaction as Pakistan Stock Exchange’s 100 index surpassed the historic 156,000 mark, lauding his economic team’s efforts to put the country’s economy on an upward trajectory.
The prime minister, in a statement, said that the historic milestone achieved by the PSX reflected the confidence of the business community and investors in the government’s policies.
Recalling his visit to China last week, he said that the agreements and memorandums of understanding worth billions of dollars were signed between the private companies of Pakistan and China.
“By the grace of Allah, the journey of national progress continues due to the hard work of the economic team. Increased investment in the country will lead to the establishment of industries, growth in exports, and the creation of more employment opportunities,” the prime minister remarked. NNI
