The Pakistan Stock Exchange (PSX) has achieved a historical milestone, with the KSE-100 Index crossing the 80,000-point mark for the first time in its history. The Index experienced a significant surge of 1,237 points during trading, reaching an unprecedented 80,039 points.
This remarkable increase represents a doubling of the Index in just one year. On June 23, 2023, the KSE-100 Index stood at 40,000 points, making today's achievement a significant milestone. This surge reflects an increase of 40,000 points over the past 12 months, a testament to the growing confidence of investors and the positive economic outlook.
This surge reflects a restoration of investors' confidence after the IMF-approved federal budget paves the way for a billion-dollar loan deal.
In an earlier trading session also, the PSX had broken its own records. For instance, the Index climbed 1,115 points to reach 79,916 points, and before that increased by 843 points to hit 79,640 points, both unprecedented figures at the time.
Also Read: PSX crosses historic 78,000-milestone for the first time
At the beginning of trading on Friday, the KSE-100 Index rose 800 points to a high of 79,602 points for the second consecutive day after the Eid holidays.
This surge in the stock market comes on the heels of the Eid holidays, with investor sentiment buoyed by positive economic indicators and renewed confidence in the market. A major contributing factor 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 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 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 Eid holidays.
Since the opening of the business day, the stock exchange exhibited a strong positive trend and maintained the historical limit of 77,000 points. At the opening session of trading, the stock exchange gained more than 500 points as the KSE-100 index increased by 590 points to reach 77,297.
