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Home Business & Stock

Pakistan Stock Exchange hits major milestone, crosses 100,000 points

MM News Staff by MM News Staff
November 28, 2024
Reading Time: 1 min read
Stock Exchange

(Image: The Nation)

The Pakistan Stock Exchange (PSX) crossed the 100,000-point mark on Thursday, reaching an all-time high. The benchmark KSE-100 Index rose by 1.09%, gaining 1,077.25 points to reach 100,346.50 points, up from 99,269.25 points at the previous close.

According to a report by Geo News on Thursday, This follows a recent dip in the market, which saw a more than 3,500-point drop due to political unrest. However, the market recovered and surged by over 4,600 points after protests were called off.

Experts attribute the milestone to factors such as government reforms, a decline in yields, and lower inflation expectations. Inflation is projected to decrease to 5.8%-6.8% in November, and further to 5.6%-6.5% in December, according to the finance ministry.

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The KSE-100 Index has gained 60% year-to-date, with 47% from capital gains and 13% from dividend yields. Key sectors contributing to this growth include commercial banks, fertilisers, and oil and gas exploration, with top stocks like Fauji Fertilizer and United Bank Ltd playing a significant role.

Analysts also highlight the government’s adherence to the IMF’s programme and expectations of increased mutual fund investments in equities as key drivers of the market’s rise.

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