Bulls toss PSX to record high of 80,000 plus

KARACHI: Bulls continued to dominate the trading at Pakistan Stock Exchange (PSX) with investors with brisk buying drove the index to a record high of over 80,000 in the morning session on Wednesday.

The benchmark KSE-100 index shot up by nearly 800 points in no time.

Stock market pushes for gains for third consecutive session

As the optimism about a new loan deal with the International Monetary Fund (IMF) is getting momentum amid the dividend season, the index soared by 671.09 points to 80,223.97 points.

On Tuesday, the KSE-100 index had settled above the 79,000 level for the first time in history. During the trading session, the benchmark index accumulated gains all day long while volume appreciated as compared to the previous session. At close on Tuesday, the KSE-100 index had posted 728.55 points gain.

In a key development, Finance Minister Muhammad Aurangzeb has said that prior actions for the IMF loan programme are largely complete, adding some structural benchmarks will also be met as Islamabad moves ahead to secure a larger and long-term deal.

PSX closes with KSE-100 gaining 728 points

The minister said that the upcoming IMF deal should be referred to as a “Pakistan programme” for implementing structural reforms needed to transform the country’s economy. – INP