The Pakistan Stock Exchange (PSX) achieved a historic milestone on Thursday, surpassing the 82,000-point mark for the first time ever. This surge is attributed to positive economic developments, such as an anticipated IMF deal by the end of the month, interest rate cuts, and a current account surplus, all of which have boosted investor confidence.
The market displayed strong bullish sentiment, breaking its previous record of 81,939 points set on July 18. During today’s trading, the index surged by 1,539 points, reaching a landmark high of 82,000 points.
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Analysts credit this record performance to favorable economic indicators, including ongoing negotiations with the IMF for a loan program aimed at stabilizing the economy. The reduction in interest rates has also spurred equity investment, driving the market upward.
Earlier in the day, the PSX experienced a notable upward trend, with the benchmark index crossing the 81,000-point mark for the first time in over two months. The market opened strong, fueled by investor confidence, and continued to gain momentum.
By midday, the KSE-100 Index had climbed by 1,202 points to reach 81,663, marking a significant recovery after hovering below the 80,000-point threshold for over two months.
The rally began at the start of the trading day, with the index initially gaining 705 points to reach 81,166, and eventually closing at 81,555 points after gaining an additional 1,094 points.
This positive trend coincides with a boost to Pakistan’s economy, as the current account recorded a $75 million surplus in August, a turnaround from a $246 million deficit in July, largely due to record remittances from overseas Pakistanis. This development is expected to enhance stability in Pakistan’s economy.
