The stock market extended its victory sequence on Tuesday, because the feeling of investors remained supported by records of record funds and growing optimism on the prospects of the country’s external account.
The KSE-100 index of Benchmark Kse-100 of Pakistan Stock Exchange (PSX) reached an intradible summit of 117,362,22, up 972.19 points, or 0.84%, compared to the previous fence of 116,390.03, while the weak was recorded at 116.645.68 255.65 points or 0.22%.
The rally followed the optimistic comments of the State Bank of Pakistan (SBP), Governor Jameel Ahmad, who expressed hope that the country’s exchange reserves could reach $ 14 billion by June 2025 on Monday.
Talk to PK Press Club NewsHe said $ 2 billion in external payments were due in the next two and a half months, while $ 4 to 5 billion in entries expected during the same period could lead to a net addition of $ 2 to 3 billion in reserves.
Governor Ahmad also planned that the total funding of funds could reach a summit of $ 38 billion at the end of the current financial year (2010 fiscal year), against $ 30.25 billion in FY4. The central bank has attributed this growth to increased use of formal channels, regulatory efforts to stabilize the exchange market and increase confidence in banking systems.
SBP data published Monday showed that Pakistanis abroad returned $ 4.1 billion in March only, the highest of all time for a single month. This marked an increase of 37% in annual sliding and an increase of 29.8% compared to February. Cumulative funding for the first nine months of fiscal year 25 increased by 33.2% to 28 billion dollars.
Monday, the KSE-100 index had already displayed a solid rebound, increasing 1,536.70 points, or 1.34%, to close to 116,390.03, reversing the losses of the previous week and strengthening market optimism.
