The pakistan stock exchange index (PSX) saw a major gain as the KSE-100 index hit an all-time high, crossing the 59,000 mark for the first time during intraday trading. At 10:24 am, the benchmark index stood at 59,397.44 points, showing a huge gain of 497.60 points or 0.84% ​​from the previous day’s closing number of 58,899.84 points.

Raza Jafri, Head of Equities at Intermarket Securities, attributed the continued uptrend in the market to the government’s strong economic outlook and effective risk management strategies. Despite the ongoing protests, Jafri noted that market valuations remain attractive, with the resurgence of foreign investment playing a key role in fueling the increase.

The KSE-100 index, recognized as Asia’s best-performing index, gained 1.2% earlier, buoyed by several positive economic indicators. Analyst Ahsan Mehanti cited the optimistic economic outlook, the current account deficit, and the government’s plans to address the revolving debt in the energy sector as contributing factors.

Mehanti also highlighted important factors such as the significant increase in exports, the continued strengthening of the national currency (rupee), the expectation of lower interest rates, and the strengthening of foreign reserves following the payment of the next tranche by the International Monetary Fund. These factors together contributed to the record-breaking closure.

Ali Najib, an analyst from Topline Securities, echoed this view, stressing the unstoppable momentum in stocks, with the index rising by more than 1%.

This reflects the positive sentiment prevalent in the market, driven by a combination of positive economic indicators and government policies aimed at supporting economic growth and stability. The extraordinary performance of the PSX reflects confidence in the country’s economic prospects and investment opportunities.