PSX rises to highest-ever level as KSE-100 index crosses 56,000 mark

KARACHI: (Suno News) Pakistan Stock Exchange (PSX) Monday rose to the highest-ever level for the first time in its history as the benchmark KSE-100 index crossed the 56,000 mark.

The PSX closed at 56,523.58 points, up 1132.22 points or 2.04 percent from the previous close of 55,391.36 points.

On Friday, the last business day of the previous week, PSX set a new record as the benchmark KSE-100 index crossed the psychological barrier of 55,000 for the first time.

Experts said there was an upward trend in the market due to the increase in remittances, positive talks with the International Monetary Fund (IMF), and good sales of bonds.

On the other hand, the trend of improvement in domestic remittances continued. On a month-on-month basis, remittances rose 11.5 percent in October. Overseas Pakistanis sent $2.5 billion worth of remittances in September. A 9.6 percent improvement in remittances was witnessed compared to October 2022.

In the first four months of the fiscal year, $8.8 billion was received, with the highest remittances of $61.6 crore received from Saudi Arabia in October.

$47.3 crore was received from the United Arab Emirates (UAE), $33 crore from the United Kingdom (UK), and $28.3 crore was received from the United States (US).