PSX smashes 80,000-point barrier with IMF deal in sight

The Pakistan Stock Exchange (PSX) experienced an unprecedented surge on Friday, with the benchmark KSE-100 index crossing the 80,000-point threshold for the first time in history during intraday trading.

At 09:50 AM, the KSE-100 index reached a record-breaking 80,001 points, a significant rise from the previous close of 78,801 points, marking a gain of 1,200 points. This surge reflects a strong bullish sentiment among investors, driven primarily by the government’s ongoing negotiations with the International Monetary Fund (IMF).

Market analysts attribute this remarkable rally to the government’s commitment to securing a new IMF bailout following the recent budget announcement. The fiscal budget for the upcoming year has set ambitious targets, heightening expectations of economic stabilisation and growth.

The optimism surrounding the IMF deal was already evident in Thursday’s trading session when the KSE-100 index soared by 2.66 per cent, closing at 78,801 points. This represented an increase of 2,094.76 points from the previous trading day, underscoring the market’s positive response to the government’s fiscal policies.

On Thursday, out of 447 companies that traded shares, 256 recorded gains, 133 sustained losses, and 58 remained unchanged. This broad-based rally highlighted the widespread investor confidence in the market.

The bullish trend continued into Friday, as investors responded positively to the budget proposals for the fiscal year 2024-25 and the promising progress in IMF negotiations. Experts are optimistic that if this momentum persists, the PSX could surpass the 100,000-point mark within the next 12 months.

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