November 28, 2023: Registering a remarkable milestone today, the Pakistan Stock Exchange’s KSE-100 Index crossed the 60,000 points threshold, currently trading at 60,279.34, setting a new record.
This momentous surge is attributed to positive triggers including expected inflows from IMF and friendly countries, a possible slash in the interest rate and the improved political landscape of Pakistan.
Today's optimism stemmed on the back of the latest development wherein Pakistan has signed a multi-billion dollar Memorandum of Understandings (MoU) with the United Arab Emirates (UAE).
The agreements are poised to advance bilateral ties in all spheres including political, economic, trade, investment, cultural, defence and people-to-people relations.
The MoUs are in a range of areas, likely including investment cooperation in the sectors of Energy, Port Operations Projects, Waste Water Treatment, Food Security, Logistics, Mining, Aviation, and Banking and Financial Services.
It is important to mention that the confidence exhibited by domestic and international investors has been pivotal in driving this surge.
The analyst fraternity believes that favourable economic reforms, government initiatives promoting business growth, and a stable investment climate have contributed significantly to the market's bullish momentum.
The index is supported by commercial banks, oil and gas, power generation, and cement as they cumulatively added over 350 points.
To note, the KSE-100 has gained around 45.5% during the fiscal year, whereas the ongoing calendar year has witnessed a surge of 49%.
