The Pakistan Stock Exchange (PSX) witnessed a notable increase of 194 points in its benchmark KSE-100 index. This surge reflects positive market sentiment and investor confidence in the country's economic outlook.
The KSE-100 index is reported to be trading at the level of 72,958 points, marking a substantial rise from previous sessions. However, just a short while later, it further gained 220 points and was trading at 72,981 points.
Analysts attribute this uptick to various factors, including improved macroeconomic indicators, positive corporate earnings, and favourable government policies aimed at bolstering the economy.
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The bullish trend in the stock market is seen as a promising sign for Pakistan's financial landscape, indicating resilience and potential for growth amidst domestic and global challenges. Investors are optimistic about the prospects of key sectors such as banking, energy, and technology, which are driving the market momentum.
Wednesday's surge comes as Finance Minister Muhammad Aurangzeb underscored on Tuesday the growing confidence of investors in Pakistan's economic trajectory, attributing it to the nation's steady march towards stability.
In a press conference held today in Islamabad, Minister Aurangzeb, flanked by Law Minister Azam Nazeer Tarar and Minister for Information and Broadcasting Attaullah Tarar, highlighted the successful visit of a Saudi delegation, which he deemed testament to the faith in Pakistan's economy.
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"The visit of the Saudi delegation has yielded positive outcomes, signifying their confidence in Pakistan's economic landscape," Aurangzeb stated. He lauded the agriculture sector's remarkable growth of five per cent, propelled by bumper crops, and noted a substantial improvement in key economic indicators.
"Our foreign exchange reserves have surpassed $9 billion, and inflation has seen a significant reduction from 38% to 17%, with a downward trend," Aurangzeb disclosed.
