On Wednesday, the Pakistan Stock Exchange (PSX) reached a significant milestone as the KSE-100 index crossed the 80,000 points mark during intra-day trading, peaking at 80,193.76 points at 11:28 AM.
This represents a gain of 640.88 points from the previous session’s close of 79,552.88 points.
This surge continues a bullish trend, with the index having surpassed the 79,000 points mark on Tuesday.
Factors driving the market’s upward momentum include rising global crude oil prices, strong dividend expectations from the oil sector, and ongoing positive discussions for an International Monetary Fund (IMF) bailout deal.
The PSX recently reclaimed its position as the world’s best-performing market in the fiscal year 2023-24, boasting an 89% increase in local currency terms and 94% in US dollar terms.
The market experienced several record-breaking gains, particularly in June 2024, pushing market capitalization beyond Rs10 trillion.
Earlier in the week, the PSX gained nearly 380 points on the first trading day of the new fiscal year, followed by a substantial 892-point increase on Tuesday.
The positive momentum carried through to Wednesday, culminating in the significant crossing of the 80,000 points threshold.