PSX Sees Historic Gains as KSE 100 Index Climbs to 86,940 Points

PSX Crosses 80,000 Points, Hits Record High Amid IMF Bailout Hopes

By DTD- Last updated Jul 3, 2024

Pakistan has fulfilled all the requirements for a fresh IMF bailout deal,

Karachi/Islamabad(Business Reporter);The Pakistan Stock Exchange (PSX) has reached an all-time high, crossing the historical limit of 80,000 points. This achievement marks a new record in the financial markets of Pakistan.

The KSE-100 index benchmark closed at 80,233 points with an increase of 680 points on Wednesday with a record 530. 43 million shares worth Rs22.65 billion were traded in the market.

Throughout the trading day, the PSX exhibited robust performance, with the KSE-100 Index showing substantial gains across various sessions:

First Session: The KSE-100 Index surged by 447 points, initially crossing the 80,000-point threshold, setting a strong tone for the rest of the day.

Second Session: The momentum continued as the Index further increased by 760 points, reaching 80,313 points, pushing the market to new heights and demonstrating sustained investor confidence.

Noon Session: The PSX reached new heights by noon, with the KSE-100 Index gaining an additional 848 points, culminating at 80,401 points. This significant increase underscores the market’s bullish trend and the overall positive sentiment among traders.

This record achievement comes in the wake of Pakistan and the International Monetary Fund (IMF) advancing towards a crucial agreement on a new bailout package, anticipated to be finalized this month.

Officials from the Ministry of Finance have indicated significant progress in negotiations, highlighting the government’s commitment to implementing reforms outlined in the new budget.

Minister of State for Finance, Ali Pervez Malik, expressed optimism about reaching an agreement with the IMF by July. The proposed three-year bailout package is expected to provide Pakistan with between $6 to $8 billion, aimed at bolstering the country’s economic stability.

While,

The IMF deal is worth more than $6 billion,

Pakistan is looking to clinch a staff-level agreement on an International Monetary Fund bailout of more than $6 billion this month after addressing all of the lender’s requirements in its annual budget, Minister of State for Finance, Revenue and Power Ali Pervaiz Malik said on Wednesday.

The government had adopted a challenging of economic reforms for long-term stability in the country.

Talking to a private news channel, he said that under the leadership of Prime Minister Shehbaz Sharif, Pakistan is on the verge of economic revival.

He said that performance of the stock exchange and reductions in inflation were the indicators of the positive impact of the government’s economic measures. Additionally, he said that cabinet members, including prime minister, were foregoing their salaries and benefits as part of austerity measures.

The minister detailed several initiatives aimed at cutting government spending, including the reduction of the Public Sector Development Programme (PSDP) funding and a shift towards public-private partnerships. The government was also undertaking a right-sizing exercise, eliminating redundant departments, and privatizing state-owned enterprises.

Furthermore, divisions and ministries rendered unnecessary by the 18th Amendment will be devolved to provincial authorities, he added. Answering a question about the budget, he acknowledged that it was a difficult one, crafted with an understanding of the nation’s economic challenges.

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