PSX achieves record high as 100-Index climbs by 1,645 points

F.P. Report

KARACHI: The Pakistan Stock Exchange (PSX) witnessed an extraordinary surge on Friday to mark the final trading day of the week and the first of August with a historic performance.

According to details, the benchmark 100-Index closed at an all-time high of 141,035 points, reflecting an increase of 1,645 points by the end of the trading session. The market reached this milestone after crossing the psychological thresholds of 140,000 and 141,000 points for the first time in history. During intraday trading, the index showed strong momentum, gaining as much as 1,770 points at one stage.

Significant buying in shares of oil and gas companies fuelled the market’s upward trajectory. A total trade volume of 607 million shares was recorded, amounting to a market value of Rs50.5 billion.

Equity dealer Jibran Sarfaraz and equity manager Arsalan Ahmad said that investor confidence remained high due to robust activity in key sectors.

The market had previously approached the 140,000-point level on seven separate occasions but had failed to sustain it. Friday’s session, however, established new benchmarks, reinforcing investor sentiment.

PM Shehbaz lauds PSX milestone

Prime Minister Shehbaz Sharif has expressed satisfaction over the 100-Index surpassing the 140,000-point mark, terming the development a reflection of investor confidence in government policies.

He said that providing maximum facilitation for business and investment remained one of the government’s top priorities. The premier added that reforms at the Federal Board of Revenue (FBR) had improved the tax structure and benefitted the business community.

The premier said: “Alhamdulillah, Pakistan’s economic direction is improving, and the economy is on a path of progress.”