The Pakistan Stock Exchange (PSX), which had crossed the historic 80,000 points milestone during intraday trading for the first time, fell 1,692 points and was at 78,309 points at 3:20 PM on Friday.
By 09:50 AM, the benchmark KSE-100 index had gained 1,200 points to 80,001 points, up from the previous closing of 78,801 points.
The large increase was ascribed by analysts to the government’s resolve to reach an agreement with the International Monetary Fund (IMF) after the release of the budget. It’s expected that the fiscal budget for the next year would include aggressive goals for a fresh IMF bailout.
The KSE-100 index increased by 2,094.76, or more than 2.66 percent, to 78,801 points yesterday from the previous trading day.
256 of the 447 firms that exchanged shares saw gains, 133 saw losses, and 58 saw no change.
As markets reacted favorably to the budget recommendations for the fiscal year 2024–25 and the continuing IMF discussions on Friday, the optimistic trend continued.
According to experts, if this increasing trend keeps up, the PSX may reach 100,000 points in the upcoming year.
