Karachi Stock Exchange Witnesses 7.3% Weekly Surge

Karachi’s Stock Exchange, PSX, ended the week on a historic high, the KSE-100 index reaching an unprecedented 66,223.63, up 7.3% WoW.

Caretaker Prime Minister Anwaarul Haq Kakar’s visit, launching a Rs 30 billion Ijara Sukuk, fueled the surge. Bullish sentiments prevailed, driven by factors like anticipation of IMF approval for a $700 million loan tranche and positive economic outlook.

Throughout the week, sectors like banks, fertilizers, and E&P performed exceptionally. The record-breaking week was marked by encouraging developments, including potential Chinese investment and ADB’s project financing. The KSE-100’s outstanding climb was also supported by improvements in fiscal and external accounts, high foreign investor participation, and stable exchange rates.