Another day of gleeful trade at PSX amid economic turnaround
Business
The KSE-100 index gained 500 points and reached 117,479 during early hours of trading
KARACHI (Dunya News) – The Pakistan Stock Exchange (PSX) continues to perform well, showing growing confidence of investors amid the recent economic gains.
The KSE-100 index on Friday – the last business day of the week – gained 500 points and reached 117,479 during early hours of trading.
After ups and downs, it closed at 117,315 with a gain of 414 points.
Bullish trend persisted in the PSX in the past week. The key index rose to 117,013 points during early hours of trading on Thursday. Later, it closed at 116,901 – a gain of 801 points.
On Wednesday, it closed on bearish note but a day earlier, the PSX began trade on a positive note amid government’s announcement of economic gains. It closed at 116,775 mark with a gain of 385 points on Tuesday.
A week or so earlier, volatility could be seen in the PSX as the world was in the grip of heightened uncertainty sparked by tariff announcements by US President Donald Trump. Later, Trump announced 90-day reprieve, which paved the way for recovery of stocks the world over.
PSX CASHES IN ON ECONOMIC GAINS
Confidence of investors boosted in Pakistan after respite in tariffs announced by the US president.
Prime Minister Shehbaz Sharif’s successful visit to Belarus also sent positive signals.
Meanwhile, surge in remittances and other positive indicators announced by State Bank of Pakistan Governor Jameel Ahmad contributed to healthy trade at the PSX.
RECORD REMITTANCES
State Bank of Pakistan (SBP) Governor Jameel Ahmad said on Monday the country received a record $28.07 billion from overseas Pakistanis during the current financial year.
Addressing a ceremony at the Pakistan Stock Exchange (PSX), he said the total remittances in the first nine months of the financial year 2024-25 were 33 percent higher compared to the same period a year ago.
He said remittances from overseas Pakistani were up by nearly 40 percent year-on-year in February 2025, to $3.12 billion. The country received a record $4.1 billion during March, he added.
According to the SBP data, Pakistanis living in Saudi Arabia remitted the highest $987 million during March, followed by $842 million from the UAE, $684 million from the UK and $419 million from the US.
Prime Minister Shehbaz Sharif expressed his pleasure as foreign remittances sent by overseas Pakistanis in a month crossed $4 billion mark for the first time in the country’s history, describing it as a reflection of their trust in the government’s policies.
FTICH UPGRADES RATING
On Tuesday last, global agency Fitch upgraded Pakistan’s foreign currency credit rating to ‘B-’ from ‘CCC+’ while citing increased confidence in the country’s progress in narrowing its budget deficits.
The upgrade also reflects confidence that the country would implement structural reforms, supporting its International Monetary Fund (IMF) programme performance and funding availability, Fitch said.
The 100-Index of the Pakistan Stock Exchange (PSX) witnessed a bearish trend on Wednesday, losing 755.40 points, a negative change of 0.65 percent, closing at 116,020.11 points as compared to 116,775.50 points on the last trading day.
