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: Oxford University announced on Wednesday it had elected Lord William Hague, a former Conservative party leader and ex-British foreign secretary as its chancellor, months after rejecting former Pakistan premier Imran Khan’s bid for the post. 

Khan, who ruled Pakistan from 2018-2022, has been in prison since August 2023 on charges he says are politically motivated. His aide Sayed Zulfikar Bukhari said Khan filed his application for the chancellor’s role in September.

Oxford later released a shortlist of 38 candidates for the first round of the voting among its alumni. Khan’s name was not featured in the list. 

“Lord Hague will be formally inaugurated as Chancellor early in the New Year and serve for a term of 10 years,” Oxford University said in a report. “He becomes the 160th recorded Chancellor in the University’s history, a role that dates back at least 800 years.”

Hague was a leader of the Conservative Party from 1997-2001 and later served as Britain’s foreign secretary from 2010-2014. He also served as Secretary of State for Wales, Leader of the House of Commons and Minister for Disabled People, in which role he was the author of the Disability Discrimination Act. 

He spent 26 years as a member of parliament for Richmond, Yorkshire.

Hague graduated from Magdalen College, Oxford, in 1982, where he studied Philosophy, Politics and Economics. He was president of the Oxford Union as well. 

“Thank you to my fellow Oxonians for placing such confidence in me,” Hague said. “I regard being elected as the Chancellor of our university as the greatest honor of my life.”

The chancellor is the titular head of Oxford University and presides over several key ceremonies. The chancellor also undertakes advocacy, advisory, and fundraising work, acting as an ambassador for the university at a range of local, national, and international events. 

Hague succeeds Lord Patten of Barnes, who announced his retirement from the post in February.