The Pakistan Stock Exchange (PSX) is experiencing a bullish trend following the Eid holidays, with the benchmark KSE-100 index hitting a new record high today. The index surged by 1,463 points, reaching 78,170 points at around 11:41 AM, compared to its previous close of 76,706 points.
According to Mohammad Sohail, Chief Executive of Topline Securities, the market’s positive momentum is driven by optimism about securing a new bailout package from the International Monetary Fund (IMF) as part of the new budget.
Raza Jafri, Chief Executive of EFG Hermes Pakistan, noted that favorable news during the Eid holidays contributed to the market’s upbeat performance. This included Fitch’s revised inflation outlook and a proposed reduction in power rates for industries.
The market has shown remarkable growth since the budget presentation on June 12. On June 14, the KSE-100 index surpassed the 77,000 mark for the first time in history, increasing by 877 points. Prior to this, on May 24, the index hit a new peak of 76,000 points.
Earlier in May, the index demonstrated significant upward movement, reaching 75,096 points on May 15 after a 565-point increase. This followed the index crossing the 74,000 mark on May 10, when it gained 427 points to regain the psychological level of 73,000 during early trading.
The continuous upward trajectory of the PSX reflects investor confidence and a positive economic outlook, buoyed by expectations of fiscal support and favorable policy measures.
