PSX witnesses bullish trend, crosses 55,000 psychological barrier

KARACHI: (Suno News) Pakistan Stock Exchange (PSX) has set a new record as the benchmark KSE-100 index has crossed the psychological barrier of 55,000 for the first time and is trading at 550,506 with an increase of 1,244 points.

According to the details, the last day of the business week witnessed a strong bullishness at PSX during the first session as the benchmark KSE-100 index crossed the highest psychological barrier of 55,000. On Wednesday, the KSE-100 index had closed at 54,261 points.

Experts say that there is 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 continues. 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).