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Pakistan’s benchmark share index breaches 71,000, hits record high; surges 74% in a year

Pakistan’s stock market reached a new all-time high on Monday, with the benchmark index trading at 71,474 points, representing a 0.8% increase. The index surpassed the crucial 71,000 mark earlier in the day, according to data from the Pakistan Stock Exchange website.
According to a Reuters report, over the past year, the market has experienced a remarkable surge of 74%, and it has already gained 10.43% since the beginning of the current year.

Pakistan is working towards securing an agreement on the framework for a new loan from the

International Monetary Fund

by May.
Sohail Mohammed, CEO of Topline Securities, a Karachi-based brokerage firm, attributed the rising share prices to “good March quarter dividends.” He also noted that despite the rally, the market is trading at a forward-looking price-earning ratio of 4.

Meanwhile, the Indian equity benchmark indices,

BSE Sensex

and Nifty50, have also been scaling new highs this past year. The 30-share benchmark index BSE Sensex surpassed the 75,000 mark for the first time ever a few days ago.
The long-term outlook for the Indian stock markets looks positive, say market analysts on the back of a strong domestic growth story and expectations of a stable government most Lok Sabha polls 2024.