PSX hits new record high, surges 2.33% to reach 66,223.63

WEB DESK: The Pakistan Stock Exchange (PSX) continued its upward trajectory, marking a new milestone as the benchmark KSE-100 index surged on Friday.

At the day’s close, the benchmark index settled at 66,223.63, reflecting a substantial gain of 1,505.56 points, or 2.33 per cent.

KSE-100 – new record high witnessed on December 8, 2023

Earlier in the day, the benchmark index surpassed the 66,000 level, although a slight dip occurred in the latter half of the trading session due to profit-taking activities.

Despite this, bullish sentiments resurged in the final hour, propelling the benchmark index to an intra-day high of 66,273.73.

Noteworthy buying activity was observed across various index-heavy sectors, encompassing cement, chemicals, commercial banks, fertiliser, oil and gas exploration companies, OMCs, and power generation and distribution sectors.

In the preceding trading session on Thursday, the PSX sustained its positive momentum, with the benchmark KSE-100 settling at 64,718.08—a notable increase of 800.35 points or 1.25 per cent.

The ongoing bullish trend is underpinned by positive economic indicators, following the agreement between Pakistan and the International Monetary Fund (IMF) authorities on the first review of the Stand-By Agreement (SBA) last month.

A crucial development indicates that the IMF’s executive board is scheduled to convene on January 11 to consider final approval for the disbursement of the next $700 million tranche from its current loan programme with Pakistan.

Former Finance Minister Miftah Ismail commented on the recent performance of the bourse, suggesting that the persistent bullish trend signifies an anticipated improvement in the country’s economic situation in the coming months.

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