PSX soars amid investor confidence, growth anticipated in multiple sectors

On the fourth day of the business week, the Pakistan Stock Exchange opened on a positive note with an increase of 334 points, while growth is expected in multiple sectors, according to national media reports on Thursday.

According to details, currently, the stock market is witnessing a rise of 912 points, after which the Hundred Index is trading at 119,476 points. Stock analysts say that the market appears to be gradually strengthening, and the oil and gas sector will accelerate the market once the circular debt payments are received.

Earlier, a top-tier global financial journal Barron’s, a sister publication of The Wall Street Journal, described Pakistan’s recent economic recovery as a “miracle,” warning that ignoring the country now may lead investors to regret it later.

In a comprehensive report, Barron’s highlights that Pakistan, a nation of 255 million people, has shown remarkable macroeconomic resilience over the past two years: Inflation, once running at an annual 40%, has now fallen close to zero. Eurobonds maturing in 2031 have surged from $0.40 to $0.80 per dollar. The Karachi Stock Exchange index has tripled in value.

The report noted that under Prime Minister Shehbaz Sharif’s leadership, Pakistan signed a $7 billion stabilization deal with the IMF in September, of which $2 billion+ has already been disbursed.