PSX hits historic high, surpasses 78,000 milestone

KSE-100 index gains over 2.66 percent, reaching 78,801 points from the previous 76,706.77 points last week


News Desk June 20, 2024
The regulatory regime has drastically improved over a decade or so. Right now, everyone has access to information via prompt dissemination of company results and material notices on the PSX. Photo: REUTERS

The Pakistan Stock Exchange (PSX) surged to an all-time high on Thursday as the KSE-100 Index gained over 2.66 percent, reaching 78,801 points at 4:15 pm. This rise marked a significant increase from the previous 76,706.77 points last week.

The market opened on a positive note following the Eid ul Adha holidays, with the KSE-100 Index crossing the 77,000 mark, up by 730 points by 09:44 am.

Key sectors such as automobile assemblers, commercial banks, fertilizers, oil and gas exploration companies, oil marketing companies (OMCs), and refineries saw strong buying activity. Major stocks like ODGC, POL, SHEL, SNGPL, MEBL, and HBL traded positively.

Fitch Ratings described Pakistan’s budget for the fiscal year 2024-25 as “ambitious,” noting that it could improve the chances of securing a deal with the International Monetary Fund (IMF).

Last week, the PSX saw a bullish trend, driven by investor confidence after no increase in the tax rate on dividends and capital gains for filers. This led to the KSE-100 index rising by 2,952.75 points over the week, closing at a record high of 76,706.77 points.

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