• Download the Constitution of Pakistan
  • Advertise
Thursday, May 15, 2025
  • Login
NEWSLETTER
ECONOMY
  • Business
  • Education
  • Entertainment
  • Finance
  • Health
  • Life & Style
  • Politics
  • Sports
  • Technology
No Result
View All Result
  • Business
  • Education
  • Entertainment
  • Finance
  • Health
  • Life & Style
  • Politics
  • Sports
  • Technology
No Result
View All Result
ECONOMY
No Result
View All Result
Home Business

PSX Breaks 110,000 Points Barrier, Setting New Record

by Alina Fida
December 9, 2024
in Business, Economy, Main, New, News, Pakistan
Reading Time: 2 mins read
0
PSX Breaks 110,000 Points Barrier, Setting New Record

PSX Breaks 110,000 Points Barrier, Setting New Record

Share on FacebookShare on TwitterLinkedinWhatsapp

The Pakistan Stock Exchange (PSX) achieved a historic milestone on Monday as the KSE-100 Index surpassed the 110,000-point mark for the first time, reflecting investor confidence fueled by positive economic indicators and declining inflation.

The session began on a negative note, with the market losing over 1,000 points amid concerns over potential government taxation measures on banks’ profits. However, it rebounded strongly, with the KSE-100 Index rising by 1,195.03 points, or 1.1%, to reach an intraday high of 110,248.98. The index saw a low of 107,902.66 before gaining momentum.

Muhammad Saad Ali, Director of Research at Intermarket Securities Ltd., explained that news of a government committee being set up to review taxation on bank profits had dampened market sentiment, leading to declines in bank stocks. “Banks, which had led the rally, are seeing some of their gains being pulled back,” he noted.

The government is considering taxing bank profits derived from investments in government securities. A committee, led by Deputy Prime Minister Ishaq Dar, is reviewing the banking sector’s framework, with recommendations expected by December 31 to meet revenue targets and encourage private-sector lending.

Despite these concerns, global factors and local developments continued to influence market dynamics. Ahsan Mehanti, CEO of Arif Habib Commodities, pointed to global equity sell-offs, foreign outflows, and concerns over tax shortfalls and IMF targets as contributing to the bearish sentiment.

On the positive side, macroeconomic indicators remain strong. Inflation dropped to 4.9% in November, the lowest since April 2018, and Saudi Arabia extended its $3 billion deposit in Pakistan for another year, strengthening the country’s foreign reserves. Additionally, trade agreements worth $560 million with Saudi Arabia and the highest petroleum sales in 25 months further bolstered economic growth.

Prime Minister Shehbaz Sharif celebrated recent economic achievements, including a drop in weekly inflation to 3.57%, the lowest in six years. He credited these developments to the government’s stabilization efforts and emphasized the importance of rising remittances, increased investments, and stronger diplomatic ties for Pakistan’s future progress.

Finance Minister Muhammad Aurangzeb expressed optimism, projecting remittances to surpass $35 billion by FY 2024-25. Addressing the Overseas Chamber of Commerce and Industry (OICCI), he highlighted ongoing reforms, including the closure of 900 fake petrol stations and efforts to promote local products and address challenges in the private sector. He also clarified that there are no discussions with the IMF regarding sales tax on petroleum products.

Despite some short-term setbacks, analysts remain confident in the PSX’s long-term prospects, supported by easing inflation and strong macroeconomic fundamentals. With the State Bank of Pakistan’s monetary policy meeting approaching on December 16, expectations of a rate cut and further reforms are likely to shape the market’s future outlook.

Tags: latestPakistan
Alina Fida

Alina Fida

Related Posts

Agriculture sector being developed on modern lines: PM

Agriculture sector being developed on modern lines: PM

by News Publishing
May 15, 2025
0

Prime Minister Muhammad Shehbaz Sharif has said agriculture sector is being developed on modern lines to achieve agricultural self-reliance. He...

IMF PAK

Pakistan Gets $1.023B from IMF, Begins 2025-26 Budget Talks

by Anum Arif
May 14, 2025
0

Islamabad – Wednesday, 14 May 2025:The State Bank of Pakistan (SBP) confirmed on Wednesday that it has received the second...

Aurangzeb Minister

Aurangzeb: India Tensions Have Minor Economic Impact

by Anum Arif
May 13, 2025
0

Federal Finance Minister Muhammad Aurangzeb has downplayed concerns over the economic repercussions stemming from recent military tensions between Pakistan and...

KSE-100 Surges Past 120,000as Ceasefire, IMF Funding, andTax Relief Fuel Market Rally

KSE-100 Surges Past 120,000as Ceasefire, IMF Funding, and Tax Relief Fuel Market Rally

by News Publishing
May 13, 2025
0

The Pakistan Stock Exchange (PSX) extended its historic rally on Tuesday, with the benchmark KSE-100 Index climbing back above the...

PKR and Dollar

PKR Rises Amid Trade Truce Optimism

by Anum Arif
May 12, 2025
0

The Pakistani rupee showed early signs of strength on Monday, appreciating 0.1% against the US dollar in the inter-bank market...

PSX skyrockets nearly 10,000 points as ceasefire lifts investor confidence

PSX skyrockets nearly 10,000 points as ceasefire lifts investor confidence

by News Publishing
May 12, 2025
0

The Pakistan Stock Exchange (PSX) witnessed a historic rally on Monday, with the benchmark KSE-100 index surging over 9% following...

Next Post
Gold Rate in Pakistan Today December 09, 2024

Gold Rate in Pakistan Today December 09, 2024

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

About Us

Economy.pk is a source of economic, political, business, finance, health and sports updates.

Important Categories

  • Business
  • Education
  • Entertainment
  • Finance
  • Health
  • Life & Style
  • Politics
  • Sports
  • Technology

Social Media

  • Facebook
  • Instagram
  • Twitter
  • Linkedin
  • YouTube
  • Linkedin
  • TikTok
  • WhatsApp
  • About
  • Advertise
  • Careers
  • Contact

© 2024 Economy.pk - Web Development by Digital Otters

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Business
  • Education
  • Entertainment
  • Finance
  • Health
  • Life & Style
  • Politics
  • Sports
  • Technology

© 2024 Economy.pk - Web Development by Digital Otters