KARACHI: The Pakistan Stock Exchange (PSX) hit a historic high on Thursday, with its KSE-100 index surging by 1.6% to reach 82,000 points. This record-breaking milestone comes as investors remain optimistic about an upcoming deal with the International Monetary Fund (IMF).
During the trading session, the index gained an impressive 1,539 points, crossing the previous peak of 81,939 points set in July. Financial analysts attribute this surge to positive economic developments and hopes for an IMF agreement by the end of September. Additionally, a potential interest rate cut has fueled investor confidence.
Earlier this week, the stock market saw a strong bullish trend, surpassing the 81,000-point mark. The optimism is linked to Pakistan’s ongoing negotiations with the IMF, which could unlock $7 billion in funding.
Pakistan’s government has secured commitments from development partners to cover a $2 billion financing gap, boosting hopes for a smooth approval of the IMF package during the organization’s meeting on September 25.