The Pakistan Stock Exchange (PSX) continued its record-setting rally for a fourth consecutive session on Wednesday on \u201cstrong\u201d corporate results, soaring past 145,000 points.<\/p>\n
The benchmark KSE-100 index rose by 1,041.24 points (0.73 per cent) to reach 144,078.40 points at 1:29pm, from the previous close of 143,037.16 points.<\/p>\n
The market reached an intraday high of 145,187.17 points at 3:29pm, before closing at 145,088.49, gaining 2,051.33 points (1.43pc) from yesterday.<\/p>\n
Reacting to the development, Prime Minister Shehbaz Sharif noted that the \u201cboom in business in the stock exchange is a reflection of investors\u2019 confidence in government policies\u201d.<\/p>\n
The premier said facilitating business and investment in the country was among the government\u2019s top priorities, state-run Radio Pakistan reported.<\/p>\n
PM Shehbaz said reforms in the Federal Board of Revenue have \u201cimproved the tax system and facilitated the business community\u201d. He asserted that the country\u2019s economy was moving on a steady path to progress.<\/p>\n
Speaking on today\u2019s PSX gains, Awais Ashraf, research director at AKD Securities, told Dawn.com: \u201cThe market rallied on strong corporate results, along with hefty payouts in the banking and fertiliser sectors.<\/p>\n
\u201cMoreover, expectation of clearance of circular debt during the next week has rejuvenated interest in companies having exposure in coal-based power plants, distribution companies of oil and gas, and upstream exploration and production companies,\u201d he added.<\/p>\n
The interest in the oil and gas sector follows an agreement between Pakistan and the United States that will allow the two allies to work together on developing Pakistan\u2019s vast oil reserves.<\/p>\n
Samiullah Tariq, head of research and development at Pak Kuwait Investment Company Ltd, also said the market was \u201cup as corporate results are expected to be better\u201d.<\/p>\n
A key factor behind the market\u2019s upbeat performance was also the release of Pakistan\u2019s fiscal data for FY25. The government reported a nine-year low fiscal deficit of 5.38pc, with revenue growth of 36pc year-on-year (YoY), outpacing an 18pc rise in expenditures.<\/p>\n
This performance surpassed both the government\u2019s and the International Monetary Fund\u2019s (IMF) forecast of a 5.6pc GDP deficit. The positive fiscal data, along with market optimism over fiscal discipline and macroeconomic stability, is expected to fuel further market momentum in the coming sessions.<\/p>\n
India\u2019s central bank holds rates amid US tariff battle
\nMeanwhile, India\u2019s central bank maintained its key interest rate at 5.50pc as US President Donald Trump ramped up threats to raise tariffs on New Delhi because of Russian oil purchases.<\/p>\n
The Reserve Bank of India (RBI) kept steady the repurchase rate, the level at which it lends to commercial banks, after a unanimous vote by a six-member panel.<\/p>\n
Bank governor Sanjay Malhotra said global trade challenges remained but that the \u201cIndian economy holds bright prospects in the changing world order\u201d. \u201cWe have taken decisive and forward-looking measures to support growth,\u201d he said in a statement.<\/p>\n
The RBI cut rates for the first time in nearly five years in February and followed up with two other reductions in April and June.<\/p>\n
Trump\u2019s announcement on Tuesday to \u201csubstantially\u201d hike tariffs on Indian imports because of New Delhi\u2019s purchases of Russian oil has added pressure on India.<\/p>\n
Before that threat was made, the existing 1pc US tariff on Indian products was already due to rise to 25pc on Thursday. Malhotra acknowledged that \u201cthe uncertainties of tariffs are still evolving\u201d even though \u201cgrowth is robust\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Pakistan Stock Exchange (PSX) continued its record-setting rally for a fourth consecutive session on Wednesday on \u201cstrong\u201d corporate results, soaring past 145,000 points. The benchmark KSE-100 index rose by 1,041.24 points (0.73 per cent) to reach 144,078.40 points at 1:29pm, from the previous close of 143,037.16 points. The market reached an intraday high of […]<\/p>\n","protected":false},"author":1,"featured_media":11188,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-11187","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news"],"_links":{"self":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts\/11187","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11187"}],"version-history":[{"count":1,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts\/11187\/revisions"}],"predecessor-version":[{"id":11189,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts\/11187\/revisions\/11189"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/media\/11188"}],"wp:attachment":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11187"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11187"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11187"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}