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Bulls continued to dominate the trade floor on Tuesday as shares at the Pakistan Stock Exchange (PSX) surged by more than 800 points in intraday day on optimism regarding an impending Saudi investment.
The KSE-100 index climbed up to 70,493.02, up by 873.04 points or 1.25 per cent, from the previous close of 69,619.98 points at 10:57am.
Mohammed Sohail, chief executive of Topline Securities, noted that the market crossed the 70,000 milestone “amid positive news on Saudi investment and deposits”.
“Continuous foreign buying is also helping equities,” he said, adding that the benchmark KSE-100 index is now up by almost 70pc from June end.
Shahab Farooq, director of research at Next Capital Limited, echoed the same sentiment. He said, “Optimism of investment package from Saudi Arabia, high remittances, and continued foreign buying are fueling positive sentiments in the market.”
Earlier, the State Bank of Pakistan (SBP) date showed that remittances increased to almost $3 billion in March, taking it to the highest level since April 2022, primarily due to Ramazan.
More to follow
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