PSX records bullish trend

Karachi: The Pakistan Stock Exchange (PSX) has been experiencing a remarkable bullish trend since the commencement of business, marked by the restoration of the 51,000-point limit.

The 100 index witnessed an impressive surge of 404 points, reaching the significant milestone of 51,135 points.

This development has taken the Pakistan Stock Market's 100 index to a six-year high, instilling hope for a stronger currency value and a potential reduction in inflation.

According to a recent Bloomberg report, the stock market displayed a substantial rally as trading hours concluded on Friday.

The Karachi Stock Exchange's 100 index surged by 0.9%, reaching 50,670 points.

Of note, the Karachi Stock Exchange secured the second position among over 90 global equity indices monitored by Bloomberg this month, exhibiting a remarkable 10% improvement.

Economists attribute this positive trend to various factors, including the recent appreciation of the Pakistani rupee.

The growing momentum in the secondary debt market with higher rates, and encouraging inflation data.

These factors are expected to attract fresh investments into the stock market.

As per the report, Pakistan's stocks have witnessed a notable 23% increase following a $3 billion loan agreement with an international financial institution in June this year.

In addition to this, the Pakistani rupee has demonstrated an impressive surge of nearly 10% since its record low in September.

Bloomberg has recognized it as the best-performing currency among economies tracked by the publication.