The Pakistan Stock Exchange surpasses the 80,000-point mark for the first time

The Pakistan Stock Exchange (PSX) has reached a historic milestone with the KSE-100 Index surpassing the 80,000-point mark for the first time. During trading, the Index surged by 1,237 points, reaching an unprecedented level of 80,039 points.

This remarkable increase signifies a doubling of the Index within just one year. On June 23, 2023, the KSE-100 Index was at 40,000 points, making today’s achievement a significant milestone. The Index has increased by 40,000 points over the past 12 months, highlighting the growing confidence of investors and a positive economic outlook.

The surge reflects a restoration of investors’ confidence following the approval of a federal budget by the IMF, which paves the way for a billion-dollar loan deal. This development has been a major factor in boosting investor sentiment. In earlier trading sessions, the PSX had already broken its own records. For example, the Index climbed by 1,115 points to reach 79,916 points, and prior to that, it increased by 843 points to hit 79,640 points, both unprecedented figures at the time.

Read More: The PSX surges over 1,500 points to reach a new high as the positive budget momentum continues

At the beginning of trading on Friday, the KSE-100 Index rose by 800 points, reaching a high of 79,602 points for the second consecutive day after the Eid holidays. This surge came after the Eid holidays, with investor sentiment buoyed by positive economic indicators and renewed confidence in the market. A major contributing factor to this surge has been the government’s successful alignment of its budget with the International Monetary Fund’s (IMF) requirements, paving the way for a crucial loan agreement. This alignment has restored investor confidence and sparked optimism about the country’s economic future.

On Thursday, the PSX 100 Index also achieved a historic milestone by crossing the 78,000-point mark for the first time ever. This remarkable feat signals a robust bullish trend in the stock market on the first day of trading after the Eid holidays. Since the opening of the business day, the stock exchange exhibited a strong positive trend, maintaining the historical limit of 77,000 points. At the opening session of trading, the stock exchange gained more than 500 points, with the KSE-100 Index increasing by 590 points to reach 77,297.

Summary:

The PSX’s remarkable performance reflects growing investor confidence, positive economic indicators, and successful government policies aligned with the IMF’s requirements. This historic achievement underscores the robust bullish trend in Pakistan’s stock market and the positive outlook for the country’s economic future.