PSX surges to all-time high of 118k amid hopes of economic stability

Bulls continued to rule the Pakistan Stock Exchange (PSX) as the KSE-100 index surged to another historic high during intraday trading on Thursday.The benchmark 100 index gained 1,359.73 points to reach an intraday high of 118,367.81 points compared to the previous close of 117,008.08.The massive buying spree by traders comes amid expectations of economic stability in the country as the federal government has unveiled its ambitious plan to reform the national economy.On Dec 31, Prime Minister Shehbaz Sharif inaugurated ‘Uraan Pakistan’ – a five-year national economic plan aimed at achieving sustainable development and economic stability.Addressing the gathering, the prime minister highlighted that the program would provide a roadmap for economic progress, focusing on digital economy, energy, infrastructure, environment, and job creation.Meanwhile, the declining inflation rate has also boosted the confidence of investors. The government policies have led to the lowest level of 4.1 percent in 81 months.According to the Pakistan Bureau of Statistics, the consumer price index was recorded at 4.1 percent during the last month compared to 49 percent in June last year. This marks a significant decline compared to 29.7 percent inflation recorded in December 2023.The wholesale price index was recorded at 1.9 percent last month, down from 2.3 percent in June 2024 and 27.3 percent in December 2023.