PSX starts new year with strong rally gaining 1,828 points

The Pakistan Stock Exchange's (PSX)benchmark KSE-100 Index climbed 1,828.19 points, or 1.59% to reach an intraday high of 116,955.09 during early trading. After briefly dipping to an intraday low of 114,719.89, reflecting a 0.35% change, the market stabilised.

The market’s upward momentum comes on the back of improving economic fundamentals and optimism surrounding the government’s economic reforms. Clarity on key taxation policies, better-than-expected revenue collection, and a stabilising inflationary environment have bolstered investor confidence.

Adding to the optimism, Prime Minister Shehbaz Sharif unveiled “Uraan Pakistan,” a comprehensive five-year National Economic Transformation plan designed to rejuvenate the country's economy. The initiative, which focuses on export-led growth through the 5Es – exports, e-Pakistan, environment, energy, equity, and empowerment – seeks to attract $10 billion annually in foreign investment while fostering local investment.

Launching the logo, website, and book on the Uraan Pakistan initiative, Prime Minister Shehbaz outlined ambitious goals, including achieving a sustainable GDP growth rate of 6% by 2028, creating one million jobs annually, and securing $10 billion in annual foreign investment, while also fostering a conducive environment to stimulate local investment. The plan prioritises the IT, agriculture, exports, and mining sectors as pillars for sustainable growth.