Sunday, July 7, 2024
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HomeBusinessPSX Achieves Historic Milestone with KSE-100 Index Crossing 80,000 Points

PSX Achieves Historic Milestone with KSE-100 Index Crossing 80,000 Points

Pakistan Stock Exchange (PSX) has reached a significant milestone as the KSE-100 Index surpassed 80,000 points for the first time ever. The index surged by 1,237 points during trading, reaching an unprecedented 80,039 points.

This achievement marks a doubling of the index in just one year. For comparison, on June 23, 2023, the KSE-100 Index was at 40,000 points, making today’s milestone highly notable. The increase of 40,000 points over the past year showcases growing investor confidence and a positive economic outlook.

The surge in the stock market follows the approval of the federal budget by the IMF, which has paved the way for a significant billion-dollar loan deal.

Earlier, the PSX had set records in consecutive trading sessions. It climbed by 1,115 points to reach 79,916 points and by 843 points to hit 79,640 points, both unprecedented at the time.

This surge comes after the Eid holidays, with investors feeling optimistic due to positive economic indicators and restored confidence in the market. The government’s alignment of its budget with IMF requirements has been a major factor in restoring investor trust and boosting hopes for the country’s economic future.

On Thursday, the PSX 100 index also achieved a historic milestone by crossing the 78,000 mark for the first time ever. This indicates a strong bullish trend in the stock market, especially on the first day of trading after Eid.

Since the start of the trading day, the stock exchange has shown a strong positive trend, maintaining levels around 77,000 points. At the opening session, the KSE-100 index rose by more than 500 points, reaching 77,297 points.

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