PSX packs record-breaking punch as investors bet on economic revival

Stocks on Friday scaled a new peak after testing the 95,000 mark, drawing strength from robust forex numbers and eased concerns over a potential International Monetary Fund (IMF)-driven mini-budget involving additional taxation measures.

The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Shares Index jumped to a record high of 94,763.64 points, up 571.75 points, from the previous close of 94,191.89 points, after flirting with an intraday high of 95,278.26 points.

The market’s upward momentum underscores a growing wave of investor confidence fueled by encouraging economic indicators.

Reacting to the bull run, Ahsan Mehanti, Managing Director & CEO at Arif Habib Commodities, said stocks reached a new all-time high amid receding fears over mini-budget and Islamabad High Court (IHC) relief on banking sector tax levies.

“Falling bank lending rates and rupee stability contributed to the ongoing rally at the capital market,” Mehanti added.

Central bank-held foreign exchange reserves reached a more than two-year high of $11.26 billion as of November 8, while the rupee also rose for the second straight day on Thursday as exporters’ dollar sales and remittances exceeded importers’ demand.