Saturday, June 15, 2024

Another Day Another Record! Pakistan Stock Exchange Closes above 75,000 Mark for First Time

The Pakistan Stock Exchange’s (PSX) KSE-100 index reached a historic milestone on Friday, closing above 75,000 points for the first time ever. This achievement marked the seventh consecutive session of gains, indicating strong buying momentum in the market.

The trading day started on a positive note, with bullish investors driving the market upward throughout the session. By the end of the day, the KSE-100 Index settled at 75,342.35 points, an increase of 411.65 points or 0.55 percent from the previous close.

There was significant buying activity across various sectors, including oil and gas exploration, fertilizers, refineries, pharmaceuticals, cement, and chemicals. This widespread interest contributed to the market’s robust performance.

The surge in the index followed Thursday’s session, where the index gained 267 points, closing just below the 75,000 mark. Positive market sentiments fueled this rise, creating optimism among investors.

Market experts attribute this unprecedented rise to several favorable factors. These include the commencement of discussions with the International Monetary Fund (IMF) for a new loan program and anticipations of a potential interest rate cut in the upcoming monetary policy meeting. These developments have boosted investor confidence, leading to increased market activity and higher index levels.

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