The Karachi Stock Exchange increased by 2%, or over 1,000 points, to a two-year high of 48,000 points on Monday morning.

With “optimism of investment from Saudi Arabia and UAE along with the Pakistan Mineral Summit helping investors confidence,” Topline Securities CEO Muhammad Sohail told The Express Tribune that the Pakistan Stock Exchange (PSX) has maintained its strong surge.
Barrick Gold and the Saudi Arabian government have discussed the possibility of the Saudi government investing in Pakistan’s vast copper reserves. This project has the potential to generate foreign currency for the country, which is desperately needed.
To further commemorate CPEC’s milestone ten-year anniversary, China’s vice prime minister has arrived in Islamabad for a two-day visit. With so much good and evil happening on a global scale, this is another bright spot for Pakistan.
For more on why stagflation is such a problem, read on.
The robust surge at the PSX has been linked to speculation that the State Bank of Pakistan (SBP) will publish a new benchmark interest rate for the next six weeks today (Monday).
Economists are split on whether or not the bank would raise rates by 100 basis points, keeping them at a record high of 22%.
Since June 2023, when Pakistan received a $3 billion credit program from the IMF, the market has risen by around 16%, or 6,600 points, as reported by Arif Habib Limited.
Although over 40 people were killed and over 200 were injured in a suicide attack on the JUI-F conference, the market has paid little attention to the tragedy.
There will also be national elections in Pakistan later this year, therefore the country’s assemblies will be dissolving next month.
Last week, Prime Minister Shehbaz Sharif vowed that his government would not back down from its recent $3 billion agreement with the International Monetary Fund (IMF), and he also promised that the transitional government that would take power after his would do the same.