The Pakistan Stock Exchange (PSX) shattered its previous all-time high on Thursday, with the KSE-100 index climbing to 81,968.93 points.
The market gained 1,507.60 points, or 1.87%, compared to the previous close of 80,461.33. This record-breaking performance surpassed the prior all-time high of 81,939.84 points set in July 2024.
Trading volumes saw a significant increase, with 74.93 million shares traded, valued at Rs6.29 billion. The KSE-100 index reached an intra-day high of 81,975.21 points, while the lowest point of the day was 80,680.23.
[11:32 am, 19/09/2024] Shayan Mukhi: PSX breaks all-time record with kse-100 index up over 1,500 points
Earlier on Wednesday, analysts had pointed to heightened expectations ahead of the IMF’s approval of a $7 billion Extended Fund Facility (EFF) for Pakistan, which has played a significant role in boosting market confidence.
"Stocks closed bullish on speculation ahead of the IMF executive board meeting on September 25 for approval of a $7 billion EFF amid robust economic data showing surging remittances and exports, and a falling trade deficit," said Ahsan Mehanti, Managing Director of Arif Habib Corp.
Additional positive news from the Asian Development Bank (ADB), confirming a $2 billion annual concessionary loan for Pakistan until 2027, and the continued stability of the rupee, further fueled investor confidence.
The market rally was driven by strong performance across key sectors, with rising remittances and growing exports helping boost sentiment. The shrinking trade deficit also provided further support to the positive outlook for Pakistan’s economy.
Analysts believe that with robust economic indicators and expected financial inflows, the PSX will likely maintain its upward trend in the coming days.
The IMF board’s decision on the EFF, coupled with the continued strength of remittances and export growth, is expected to remain key drivers of market performance in the short term.
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