KARACHI: The Pakistan Stock Exchange (PSX) experienced an extraordinary surge on Friday, as the benchmark KSE-100 Index soared to a historic high of 109,342 points, marking a significant milestone for the market.
The rally was fueled by renewed investor confidence, driven by a series of positive economic developments and favorable market conditions.
The market opened the day with a substantial gain of 1,035 points, quickly crossing the historic 109,000-point threshold.
This impressive upward momentum continued throughout the session, with the index climbing a total of 1,103 points by the close of the trading day.
This surge in the stock market reflected a growing optimism among investors, who are buoyed by improving economic indicators and a generally favorable outlook for Pakistan’s financial environment.
In parallel, the Pakistani rupee (PKR) also showed signs of strength in the forex market. On the final trading day of the week, the rupee appreciated slightly by 0.04% against the US dollar (USD) during the early trading hours.
Before noon, the PKR was recorded at Rs277.85 per USD, having gained 11 paisa against the greenback.
This slight gain followed a mixed performance by the rupee over the course of the previous trading days. On Thursday, the rupee had dropped by 2.17 paisa, or 0.01%, closing at Rs277.94 per USD.
Despite this recent dip, the local currency has shown resilience in the ongoing financial year, appreciating by 0.14% or 39.67 paisa against the USD. Since the beginning of 2024, the rupee has strengthened by Rs3.92, or 1.41%, signaling a positive trend for the domestic currency.
Summary of Recent PKR Performance:
December 2: The rupee gained 0.03% or 7.65 paisa, ending the day at Rs277.97 per USD.
December 3: The PKR rose by 10.48 paisa, or 0.04%, closing at Rs277.87 per USD.
December 4: The rupee fell by 5.41 paisa, or 0.02%, ending at Rs277.92 per USD.
December 5: The PKR saw a minor decline of 2.17 paisa, or 0.01%, closing at Rs277.94 per USD.
Both the stock market rally and the slight strengthening of the rupee highlight the prevailing optimism in Pakistan’s financial markets as investors respond positively to the improving economic landscape.
