Karachi: The Pakistan Stock Exchange continued its record-breaking rally on Tuesday as improved economic outlook and aggressive buying by local funds.
The benchmark KSE-100 Index climbed to an intraday high of 137,727.63, gaining 1225.1 points, or 0.89%, while touching a low of 136,498.16.
The equity market rally is driven by a surge in workers’ remittances, robust auto sales, and improved foreign exchange reserves.
Pakistan received its highest-ever annual workers’ remittances, totalling $38.3 billion for FY25, up 27% year-on-year (YoY). June alone saw inflows of $3.4 billion, an 8.0% increase compared to the same month last year. This inflow significantly strengthened the country’s external position, lifting investor confidence.
Additionally, the State Bank of Pakistan (SBP) reported that its foreign exchange reserves jumped by $1.8 billion week-on-week to reach $14.5 billion for the week ended July 4, marking a 39-month high.
With commercial bank reserves included, the country’s total foreign reserves have now crossed the $20 billion mark for the first time in three years.
Analysts anticipate continued positive sentiment this week, backed by record-breaking remittances, elevated foreign exchange reserves, and improved macroeconomic indicators.
Investor focus will likely remain on corporate earnings, the planned Panda bond issuance, and further developments on foreign funding and debt management.
