Web desk: On the second business day of the week, the Pakistan Stock Exchange (PSX) witnessed a strong upward trend, with the market reaching its highest level in history.
The 100 Index has continued to set new records for every trading day in August so far.
During today’s session, the index gained 810 points, climbing to 147,740 points. Earlier in the day, it even touched an intraday high of 147,976 points. Yesterday, the 100 Index closed at 146,929 points.
The PSX has shown stability, and this has taken the index to record levels. And in the currency market, the rupee had appreciated a tad against the US dollar.
According to the Exchange Companies Association, the dollar dropped by 5 paisas in the interbank market, settling at PKR282.40.
The day began with a surge of 727 points, pushing the index to 147,656 points in early trading. On the previous trading day, the market had already seen a major boost of 1,547 points to close at 146,929 points.
Market analysts link the historic rally to the announcement made by US President Donald Trump on July 31, regarding a trade agreement with Pakistan.
President Trump had stated that we have just reached an agreement with Pakistan, under which Pakistan and the United States will jointly develop Pakistan’s vast oil reserves. He added that we are now in the process of selecting the oil company that will lead this partnership.
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