PSX Records Significant Gains as Economic Indicators Improve

The Pakistan Stock Exchange (PSX) achieved a historic milestone on Thursday, surpassing the 82,000-point mark for the first time ever.

This remarkable rise is attributed to several positive economic factors, including an anticipated agreement with the IMF by the end of the month, lower interest rates, and a current account surplus, all of which have boosted investor confidence.

The market experienced a robust bullish trend, breaking its previous record from July 18 of this year, when the KSE-100 Index reached 81,939 points. During today’s trading session, the index surged by 1,539 points, ultimately hitting a record high of 82,000 points.

Pakistan Stock Exchange Surges Past 80,000 Points

Analysts attribute this record-breaking performance to a combination of favourable economic indicators, including the government’s negotiations with the IMF for a loan programme aimed at stabilizing the economy. Additionally, the reduction in interest rates has encouraged investment in equities, further driving the market’s upward momentum.

Earlier in the day, the Pakistan Stock Exchange (PSX) experienced a significant upward movement, with the benchmark index surpassing the 81,000-point mark for the first time in more than two months. The market opened on a strong bullish note, fueled by investor confidence, and maintained its upward momentum throughout the trading session.

By midday, the KSE-100 Index had climbed by 1,202 points, reaching 81,663 points. This represents a noteworthy recovery for the market, which had been stagnant below the 80,000-point level for the past two months and ten days.

Pakistan stock exchange hits new high, crosses 81000 mark after IMF deal

The rally kicked off right at the beginning of the trading day, with the index initially rising by 705 points to reach 81,166 points. As the session progressed, the upward trend continued, with the index adding another 1,094 points, ultimately closing at 81,555 points.

This positive momentum coincides with a boost for Pakistan’s economy, as the current account recorded a surplus of $75 million in August. This turnaround is largely attributed to a record increase in remittances from overseas Pakistanis.

Data from the State Bank of Pakistan (SBP) revealed that the current account deficit in July was $246 million, making the August surplus a significant shift. This development is anticipated to contribute to greater stability in Pakistan’s economy.

Follow us on our social media platforms here: Twitter  WHATSAPP CHANNEL FACEBOOK PAGE