The bullish trend at the Pakistan Stock Exchange (PSX) persisted on Friday, with the KSE-100 index crossing the 80,000-point threshold for the first time in history. The index closed at 80,001 points, marking a substantial increase of 1,199 points.
This milestone was reached following a strong rally on the last day of the business week, continuing the momentum from Thursday. On the previous day, the KSE-100 index had also set a record, closing at 78,802 points after a significant rise of 2,095 points.
Analysts attribute this remarkable surge to investor confidence boosted by the optimistic outlook for securing an International Monetary Fund (IMF) loan. They highlight that the budget has been aligned with the lender’s requirements, which has further stabilized macroeconomic prospects and spurred market activity.
Thursday’s Record-Setting Surge
Thursday’s session saw the KSE-100 index achieve a historic high as it soared past the 78,000 mark. The index experienced a sharp rise on the first trading day of the week, following the Eidul Azha holidays closure. Bulls dominated the market from the opening, with the KSE-100 gaining 1,315 points to reach 78,073 by 11am, eventually closing at 78,802 points.
For context, at the close of the previous business week, the KSE-100 Index stood at 76,707 points, demonstrating a significant uptick in just a few days of trading.
Currency Stability
In parallel, the US dollar maintained stability in interbank trading, holding steady at 278.60 rupees. This stability in the currency market has also played a role in bolstering investor confidence.
As the PSX continues its bullish streak, market participants are optimistic about sustained economic growth and stability, driven by favorable policy measures and anticipated financial support from international lenders.
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