ISLAMABAD: The Pakistan Stock Exchange (PSX) crossed the 90,000-point mark during intra-day trading on Friday, reaching an all-time high before settling just below the milestone, with analysts attributing the bullish trend to economic stabilization and political equilibrium.
The benchmark KSE-100 index climbed 1,141 points, or 1.25 percent, to reach a record high of 90,087 points during the day. By the close of the session, however, it eased to 89,993.96 points, up by 1,047.98 points, or 1.16 percent, from the previous close.
Analysts say an equilibrium in politics, economic stability and reducing interest rates, both locally and globally, were ushering in liquidity into Pakistani equities.
“If Pakistan continues to stick to its razor-sharp focus on the economy, it may lead to a multi-year boom at the KSE100,” Raza Jafri, head of equities at the Karachi-based Intermarket Securities, told Arab News.
Topline Securities, a leading brokerage house in Pakistan, said the crossing of 90,000-mark by Pakistani stocks was one of the “fastest record gains of 125 percent in the last 18 months.”
The development comes as the South Asian nation’s economic indicators continue to improve after it secured a $7 billion, 37-month bailout package from the International Monetary Fund (IMF) last month. Pakistan’s central bank also cut its key policy rate by 200 basis points to 17.5 percent in September, making it the third straight reduction since June.
Last year, Pakistan narrowly avoided a sovereign default when it clinched a $3 billion IMF loan program. The country has suffered a prolonged economic crisis that drained its foreign exchange reserves and saw its currency weaken amid double-digit inflation.
Pakistan Stock Exchange crosses 90,000 points, hits record high before closing below milestone
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Pakistan Stock Exchange crosses 90,000 points, hits record high before closing below milestone
- KSE-100 index climbed 1,141, or 1.25 percent, to reach an all-time high of 90,087 points
- Bullish trend fueled by ‘economic stabilization’ and ‘equilibrium in politics,’ analyst says
Pakistan to promote mineral sector at Saudi forum this month with 13 companies
- Delegation will take part in the Future Minerals Forum in Riyadh from Jan. 13-15
- Petroleum minister will lead Pakistan, participate in a 90-minute country session
ISLAMABAD: Around 13 Pakistani state-owned and private companies will attend the Future Minerals Forum (FMF) in Saudi Arabia from Jan. 13 to 15, an official statement said on Friday, as the country seeks to ramp up global engagement to develop its mineral resources.
The FMF is an international conference and investment platform for the mining sector, hosted by mineral-rich countries to attract global investors, companies and governments.
Petroleum Minister Ali Pervaiz Malik confirmed Pakistan’s participation in a meeting with the Saudi envoy, Nawaf bin Said Al-Malki.
Pakistan hosts one of the world’s largest copper-gold zones. The Reko Diq mine in southwestern Balochistan, with an estimated 5.9 billion tons of ore, is partly owned by Barrick Gold, which calls it one of the world’s largest underdeveloped copper-gold deposits. Its development is expected to boost Pakistan’s struggling economy.
“Upon an invitation of the Government of the Kingdom of Saudi Arabia, the Federal Minister informed the Ambassador that Pakistan will fully participate in the upcoming Future Minerals Forum (FMF), scheduled to be held in Riyadh later this month,” Pakistan’s Press Information Department (PID) said in an official statement.
The Pakistani minister will lead his country’s delegation at the FMF and take part in a 90-minute country showcase session titled “Unleashing Potential: Accelerating Pakistan’s Mineral Revolution” along with local and foreign investors.
Pakistan will also establish a dedicated pavilion to highlight the vast potential of its rich geological landscape to the global mineral community.
The Saudi envoy welcomed Pakistan’s decision to participate in the forum and discussed enhancing bilateral cooperation in the minerals and energy sectors during the meeting.
According to the statement, he highlighted the potential for cooperation between Saudi Arabia and Pakistan in the minerals and energy sectors, expressing confidence that the FMF would provide a platform to expand collaboration.
Pakistan’s mineral sector, despite its rich reserves of salt, copper, gold and coal, contributes only 3.2 percent to the country’s GDP and just 0.1 percent to global mineral exports.
However, many countries, including the United States, have shown interest in Pakistan’s underdeveloped mineral sector, particularly in copper, gold and other critical resources.
In October, Pakistan dispatched its first-ever shipment of rare earth and critical minerals to the United States, according to a Chicago-based US public relations firm’s report.
