KARACHI: The Pakistan Stock Exchange (PSX) reached an unprecedented milestone on Thursday, with the benchmark KSE-100 index surpassing 100,000 points for the first time in history.
The index stood at 100,334.91 after gaining 1,065.66 points by 10:48 AM, recovering from its biggest-ever decline of 3,506 points, or 3.57 percent, earlier this week.
The market’s rally is attributed to a combination of positive economic developments, including Pakistan’s new $7 billion loan agreement with the International Monetary Fund (IMF), which has bolstered investor confidence.
The IMF’s disbursement of the first tranche of approximately $1 billion in September, along with fiscal and monetary reforms, has improved market sentiment.
“A remarkable 150 percent return from 40k to 100k in just 17 months,” Mohammad Sohail, CEO of Topline Securities, exclaimed in a social media post. “New IMF loan coupled with fiscal and monetary discipline [is] improving investor sentiment. Moreover, faster than expected fall in inflation and interest rates [is] adding cash liquidity to the stock market.”
The PSX’s historic rise coincides with a steady decline in inflation and interest rates, which have provided liquidity to the market.
Pakistan’s inflation dropped to 12.5 percent in October, from its peak of over 38 percent earlier this year, creating a more favorable environment for investors.
Additionally, the three-day state visit of Belarusian President Aleksandr Lukashenko to Pakistan has contributed to optimism. The two nations signed multiple agreements aimed at boosting trade and investment, signaling Pakistan’s efforts to stabilize its economy and attract foreign investment.
The PSX’s growth trajectory reflects its resilience over time.
“From less than 1,000 points in the late 1990s to 100,000 today, market is up 100 times,” Sohail said, adding the milestone was a testament to the ups and downs, bull runs and bear runs, optimism and pessimism the market had endured over the last 25 years.”
He maintained the PSX’s performance underscored the resilience and potential of Pakistan’s financial sector, even amid ongoing economic and political challenges.
Prime Minister Muhammad Shehbaz Sharif congratulated the nation on the PSX crossing 100,000 points for the first time.
“This milestone showcases the trust of the business community and investors in our policies,” he said in a statement. “It is a testament to the hard work of our economic team and officials working to promote investment in the country.”
The premier also reaffirmed his commitment to ensuring economic stability and national progress.
 

ISLAMABAD: Bushra Bibi, the wife of Pakistan’s incarcerated former Prime Minister Imran Khan, was forcibly removed from a Pakistan Tehreek-e-Insaf (PTI) protest in Islamabad and her whereabouts are now unknown, her sister said during an interview with a local media network on Wednesday.

The protest, led by Bibi and Khyber Pakhtunkhwa (KP) Chief Minister Ali Amin Gandapur, drew tens of thousands to Islamabad’s D-Chowk, located near the country’s parliament building and other government installation, demanding Khan’s release more than a year after his imprisonment.

Police and paramilitary Rangers cracked down on the demonstration on Tuesday night to disperse the crowd, as senior PTI leaders vanished from the venue despite announcing an indefinite sit-in in the capital and telling their party supporters they would not return without the ex-premier.

Initially, it was not clear where Bibi and Gandapur had gone, though media reported on Wednesday morning they had reached Mansehra district in KP and were going to address a news conference.

While Gandapur appeared on the media, calling the sit-in a movement and saying it would continue, Bibi did not give a public appearance.

“For several hours, we had no idea what was happening,” her sister, Maryam Riaz Wattoo, told ARY TV during an interview. “We were only being told that she had gone to KP. But I couldn’t believe that she would leave for KP so easily because I knew she was determined to stay there until it was do or die.”

Wattoo said she tried to contact her sister but no one was willing to put her through. 

“I got to talk to her through my own means very late in the day,” she said. “And I asked her to tell me clearly, ‘Did you leave with your own will?’ She said, ‘No. I never wanted to leave. I was ready to die there.’“

The sister maintained Bibi was taken by the KP administration, with her location concealed even from family members.

She also described the chaotic scenes as Bibi was removed, with gunfire in the background and her vehicle’s tire punctured.

“Bushra didn’t even know about the press conference,” she said, referring to the planned media interaction by Gandapur and her that was reported in the media. “She has been taken to an unknown location.”

Wattoo said that while she did not accuse Gandapur of ill intent, the lack of family communication was deeply concerning.

“I find it strange that even if they are moving her for security reasons, why is her family not informed about it,” she asked.

Sayed Zulfikar Bukhari, a senior PTI leader and close aide of ex-premier Khan, dismissed Maryam Riaz Wattoo’s claims as “not true,” adding that they should be ignored.

Pakistan’s Geo TV also aired CCTV footage purportedly showing Bibi in Islamabad, where she is seen stepping out of one vehicle and boarding another before leaving the federal capital.

The government has faced criticism for using excessive force while dispersing protesters, but the PTI leaders have also expressed disappointment over how the demonstration unfolded before reaching an abrupt conclusion.