Pakistan Stock Exchange crosses benchmark of 50,000 points. The Pakistan Stock Exchange surpassed 50,000 points, the highest level it has reached in six years, and experts attribute the increase to optimistic sentiments regarding the economy.
After a gap of six years and five months, the Pakistani stock market resumed its ascent and crossed the benchmark of 50,000 points.
The benchmark Karachi Stock Exchange (KSE) 100 Index on the PSX increased by 192.69 points to reach 50,324 points.
Money market experts connect the PSX performance with PKR strengthening, a sharp decline in petrol prices, and a recent upbeat IMF (International Monetary Fund) economic outlook report.
As the Pakistan Stock Exchange crosses benchmark of 50,000 points, the US dollar is currently trading at a month low against the rupee, around Rs275.75.
The rupee dropped to 307.1 in the interbank market last month, but authorities kept up their campaign of smuggling enforcement and controls on the Exchange Companies (ECs) industry.
Pakistan began a crackdown on the money market with the introduction of administrative measures by the central bank, and so far 9 exchange companies have been suspended for regulatory violations.
The Pakistan Stock Exchange, or PSX, is a stock market in Pakistan with trading floors in Karachi, Islamabad, and Lahore.
The PSX was founded on January 11, 2016, following the merger of the Karachi Stock Exchange, Lahore Stock Exchange, and Islamabad Stock Exchange.
As of January 2022, there are approximately 375 companies listed on the PSX, with a total market capitalization of PKR 7,756 billion (US$27 billion).
