PSX hits all-time high, crosses 72,000 mark

KARACHI: The Pakistan Stock Exchange (PSX) on Wednesday achieved a new milestone as shares climbed 900 points on Wednesday to breach the key 72,000 level for the first time.

The benchmark KSE-100 index gained 854.19 to stand at 72,213.59 in the intraday trading from the previous close of 71,359.40 points.

Topline Securities CEO Muhammad Sohail said that the KSE-100 index has set another record. He said that consumer inflation is expected to decrease after record current account surplus.

This remarkable achievement reflects investors’ confidence in the country’s economic prospects and signals robust growth prospects in the foreseeable future.

The KSE-100 index had breached the key 71,000 level on Monday.

On Tuesday, Pakistan Stock Exchange had witnessed a volatile session, with the KSE-100 Index shedding 74.06 points (-0.10 percent) to close at 71,359.40 points.

The market opened on a sharp positive note; however, trading remained volatile throughout the session as the index swayed both ways.

The index came under heavy selling pressure in the last 45 minutes amid profit-taking; otherwise, the session had remained range-bound.

It is pertinent to mention here that Islamabad is currently awaiting the release of $1.1 billion under the stand-by arrangement (SBA) which was inked during the last days of the PDM-led coalition government and remained effective from July 1, 2023 to March 31, 2024.

Pakistan has made a formal request to International Monetary Fund (IMF) for seeking the next bailout package in the range of USD 6 to USD 8 billion under the Extended Fund Facility (EFF), it emerged earlier.

According to sources, Pakistan had submitted two applications seeking assistance from the International Monetary Fund (IMF) under two heads – extended fund facility (EFF) and additional climate financing.