KARACHI (Kashmir English): The Pakistan Stock Exchange continues to be bullish on the second day of the new fiscal year as it has been increased by 1,200 more points on Wednesday.
On July 1, the first day of the fiscal year, the Pakistan Stock Exchange witnessed a huge bullish trend and the index reached a new high in history with 128,199 points.
At the end of trading on the first day of the fiscal year, the 100 index increased by 2,572 points and today it has increased bu 1,200 more point reaching all time high with 129,400 points.
Analysts credit this boost to signs of economic and political stability, positive budget expectations, and a recent $3.4 billion loan rollover from China. The loan helped Pakistan cross $14 billion in foreign reserves, meeting key IMF targets and strengthening the local currency.
Analysts attributed the rally to positive investor sentiment supported by signs of economic and political stability, as well as optimism around fiscal reforms announced in the federal budget.
Earlier, PSX closed the fiscal year 2024-25 at a record high on Monday, where the benchmark KSE-100 index surged 1,248 points, or 1%, to 125,627.
According to Ahsan Mehanti of Arif Habib Corp, stocks hit a new all-time high at the year-end close, driven by record trading volumes following the rollover of $3.4 billion financing by China, which boosted foreign exchange reserves to over $14 billion, meeting the IMF’s June 30 target and supporting rupee stability.
