ISLAMABAD: The Pakistan Stock Exchange (PSX) on Thursday gained 1,700 points, surging past the 97,000 mark during intra-day trading for the first time, with analysts attributing the rally to strong economic data and rising investor optimism over government reforms.
The benchmark KSE-100 index rose by 1,781.94 points, or 1.86 percent, to close at 97,328.39. It touched an unprecedented peak of 97,437.15 during intra-day trading.
Analyst Ahsan Mehanti of Arif Habib Corporation said surging foreign exchange reserves and speculations over the government’s decisions on economic reforms and privatization “played a catalyst role in the record surge at the PSX.”
“Stocks are bullish, led by scrips across the board as investors weigh a drop in government bond yields and robust economic data for current account surplus, remittances, exports and foreign direct investments,” Mehanti told Arab News.
In October, Pakistan’s external current account recorded a surplus of $349 million, marking the third consecutive month of surplus and the highest in this period. The current account reflects a nation’s transactions with the world, encompassing net trade in goods and services, net earnings on cross-border investments and net transfer payments.
A surplus indicates that a country is exporting more than it is importing, thereby strengthening its foreign exchange reserves.
A bullish trend has been observed in the stock market since Pakistan’s central bank cut its key policy rate by 250 basis points, bringing it to 15 percent earlier this month. Economic indicators have also steadily improved since securing a 37-month, $7 billion bailout from the International Monetary Fund (IMF) in September.
In the past, the country faced a prolonged economic crisis that drained its foreign exchange reserves and saw its currency weaken amid double-digit inflation. Last year, Pakistan narrowly avoided a sovereign default by clinching a last-minute $3 billion IMF bailout deal.

ISLAMABAD: A Pakistani lower court has remanded former prime minister Imran Khan to Rawalpindi police for interrogation for five days in a case pertaining to violence at a rally organized by his Pakistan Tehreek-e-Insaf (PTI) party in September, the party said on Thursday.

Khan was arrested in the rally case on Wednesday night, hours after the Islamabad High Court had granted him bail in another case that has popularly come to be called the new Toshakhana case, filed in July and involving a jewelry set worth over €380,000 gifted to the former first lady by a foreign dignitary when Khan was prime minister from 2018-2022. The couple was accused of undervaluing the gift and buying it at a lesser price from the state repository. Both deny wrongdoing. 

Khan has been in jail since August last year following his conviction in four cases, two of which have been suspended, including an original one relating to state gifts, and he was acquitted in the rest.

“An anti-terrorism court granted a five-day physical remand to Rawalpindi police in the first information report (FIR) registered on Sep. 28,” the PTI party said in a statement. “The FIR surfaced last night and Rawalpindi police declared the arrest shortly afterwards.”

The PTI party added that arresting a suspect in a case registered in September right after he was granted bail in another case was an “absolute mockery of the law.”

The police report of the case lists terrorism, attempted murder, vandalism, destruction of public and state property, and interference in government operations as the main charges. It says participants of the PTI rally created unrest, obstructed public access by burning tires and caused difficulties for citizens.

It also charged PTI leaders and supporters with raising anti-government slogans, hurling stones at the police and attacking them with iron rods during the protest. PTI rallygoers damaged several police vehicles and one police officer was injured, the report adds.

Khan was in prison when the Sept. 28 rally took place. The former premier denies any wrongdoing and alleges all the cases registered against him since he was removed from power in 2022 were politically motivated to keep him in jail.

His PTI party is staging a “long march” to the capital city, Islamabad, on Nov. 24, aiming to pressurise the government to release him.