KSE-100 closes above 50,000 after six years with massive 934-point gain

On Thursday, the Pakistan Stock Exchange (PSX) saw a positive turn as the KSE-100 Index increased by 934 points, closing above the 50,000 mark for the first time in six years. The last time it achieved this was on May 31, 2017.

Investors showed interest in various sectors, including automobile manufacturing, cement, chemicals, banks, oil, and gas companies, leading to an overall rise in stock prices.

On the previous day, the KSE-100 Index had a slight dip, decreasing by nearly 100 points to settle at 49,431.48 points as investors decided to take their profits in a day of uncertainty.

This positive change was linked to the strengthening of the Pakistani rupee against the US dollar. The rupee was performing well, trading at 278 against the US dollar in the inter-bank market.

Experts believe that the stock market's gain can be attributed to the rising value of the local currency and satisfactory financial results reported by companies in the first quarter of the current fiscal year.

Additionally, the country's trade deficit for September showed improvement, standing at $1.518 billion, a 47% decrease compared to the $2.856 billion deficit in the same month the previous year, according to data from the Pakistan Bureau of Statistics.