Record-Breaking Trading at Pakistan Stock Exchange After Indo-Pak Ceasefire
The Pakistan Stock Exchange set a record in trade as a ceasefire was announced between India and Pakistan. The bull market on Wall Street was booming and bountiful, surpassing all of its best previous times.
Details said the record of 10,100 points was broken so swiftly when the 100 Index was taken at 117,275 points.
Trading was suspended for one hour after the market surged on 2 December, less than two minutes into the trading day.
It is a PSX rule to halt the trading immediately after the KSE-30 Index climbs over 5 percent. After a one-hour hiatus, the exchange stopped trading at 9:37 a.m. and resumed at 10:42 a.m.
Business in the positive direction continued after suspension as the 100-Index rose further by 9,475 points to close at 116,650 points.
The market’s 100 Index continued to climb and hit an all-time high above 10,000 points.
Speaking to the media at the Pakistan Stock Exchange, Arif Habib lashed out at India’s false allegations on the Pulwama incident. There was a perception that India was becoming a regional superpower. Now the world has acknowledged the power of Pakistan’s military and People. He also alleged India had lied to its people.
He said Pakistan has stood tall in the region, wherein the might of the Pakistan army and people’s resolve was a stark message to the world. Addressing the ceremony, he said Muslim countries are extensively relying on Pakistan, and today, Muslims of the world have trust in the country.
Haibib stated that Pakistan was very prosperous in its military tasks and that India’s reputation had been tarnished. There has been good news in Pakistan, and the country is more united.
He also referred to the prime minister’s meeting with party leaders on the budget and said relief would be given to industries and salaried persons. Pakistan has established its might before the world. He added that China stood firmly behind Pakistan and sent a clear message.
He added that specific sectors in Pakistan are underused, and the local populace should take advantage of economic prosperity. He saw positive indications about the IMF’s confidence in Pakistan and hoped there would be better things in the future budget. There is growing confidence among friendly countries in Pakistan, too.
Interest rates, meanwhile, have fallen to 11%, and investments of the dollar are no longer lucrative, he said. The real estate market is not as hot , so equity investment has become a better option for investors of all levels.
Habib added that Pakistan needs to ensure macroeconomic stability and is ‘an opportune moment for a consensus on economic policies’. He said that one cannot see anything other than taking the private sector along because every political party in the country knows it is the engine of growth in Pakistan.
He called on politicians to put aside their differences to build an atmosphere of hope. He thinks this will help generate confidence amongst Pakistan’s young generation that Pakistan is also an economic power.
According to reports, the stock market also had to halt trading on Thursday, May 8, following a 6,948-point fall, and it fluctuated on Friday.
