Karachi, September 25, 2024 – The KSE-100 Index of the Pakistan Stock Exchange (PSX) soared to an all-time high of 82,248 points on Wednesday, buoyed by positive investor sentiment surrounding the anticipated approval of a loan package from the International Monetary Fund (IMF).
This remarkable surge saw the index gain 764 points, climbing from the previous day’s closing of 81,484 points.
The index had already shown signs of upward momentum earlier in the month, having reached a previous high of 82,074 points on September 20, 2024. Analysts at Topline Securities Limited noted that the KSE-100 wrapped up the trading session with an increase of 764 points, reflecting a growth of 0.94%.
A significant wave of buying activity was evident in the market, with major players such as MCB Bank, Oil and Gas Development Company (OGDC), National Bank of Pakistan (NBP), United Bank Limited (UBL), and Bank Alfalah Limited (BAHL) contributing notably to the index’s rise. Collectively, these stocks accounted for a substantial 373 points of the overall increase, underscoring the strong performance of blue-chip companies in the current market.
Trading activity on the PSX remained robust, with approximately 421 million shares changing hands, resulting in a total turnover of Rs 18 billion. KOSM emerged as the most actively traded stock, with around 51 million shares traded, highlighting investor confidence in specific sectors.
Market analysts attribute this bullish trend to the impending approval of the IMF loan, which is seen as a crucial step in stabilizing Pakistan’s economy. The anticipated influx of funds from the IMF is expected to bolster the country’s foreign exchange reserves, improve liquidity, and provide much-needed support to various economic sectors. This optimism has led to increased investor confidence, resulting in heightened trading activity and a surge in stock prices.
As the KSE-100 Index continues to reach new heights, investors are closely monitoring economic indicators and government policies that could impact market performance in the coming weeks. The prevailing sentiment in the market remains positive, with many analysts suggesting that the upward trajectory could be sustained if favorable economic conditions persist.
In conclusion, the KSE-100 Index’s achievement of 82,248 points reflects not only the resilience of the Pakistani stock market but also the collective hope for economic recovery amid challenging circumstances. Investors are keenly aware of the implications of the IMF loan and its potential to create a more stable and conducive environment for business and investment in Pakistan.
