The Pakistan Stock Exchange (PSX) hit a historic high by crossing the 80,000 mark for the first time in the history of the KSE-100 index. The index rose 1,237 points to hit an unprecedented 80,039 points during trading.
This remarkable growth represents a doubling of the index in just one year. On June 23, 2023, the KSE-100 index reached 40,000 points, making our current success a success. This development represents a 40,000-point increase over the past 12 months, reflecting investor confidence and a positive economic outlook.
The development reflects the recovery of investor confidence after the federal budget was approved by HPG leading to a multi-billion debt deal.
In the previous trading session, PSX also broke its record. For example, the Index increased by 11,115 points to 79,916 points and previously increased by 843 points to 79,640 points, two unprecedented figures at that time.
In early trade on Friday, the KSE-100 index rose 800 points to 79,602 points for the second consecutive day after Eid.
This uptick in the stock market comes in the run-up to Eid al-Fitr, when positive economic indicators boost investor sentiment and renew confidence in the market. A major contributing factor was the government’s success in aligning its budget with International Monetary Fund (IMF) requirements, leading to major debt repayments. This restored investor confidence and created optimism about the country’s economic prospects.
On Thursday, the PSX 100 also hit a historic high, crossing the 78,000 mark for the first time. This excellent indication shows a strong bullish trend in stocks on the first day of trading after the holidays.
Since the opening of the business day, the stock has shown a strong positive trend and has maintained its historical range of 77,000 points. BSE gained more than 500 points in the opening session, as the KSE-100 index rose 590 points to 77,297.
