PSX dips by 1,692 points after hitting historic 80,000 mark

The Pakistan Stock Exchange (PSX) dropped by 1,692 points and stood at 78,309 points at 3:20 PM on Friday after hitting the historic 80,000 points threshold for the first time during intraday trading.

The benchmark KSE-100 index reached at 80,001 points, up from the previous close of 78,801 points, gaining 1,200 points by 09:50 AM.

Analysts attributed the remarkable rise to the government's commitment to securing a deal with the International Monetary Fund (IMF) following the budget announcement. The fiscal budget for the upcoming year is anticipated to set ambitious targets for a new IMF bailout.

Out of 447 companies that traded shares, 256 recorded gains, 133 sustained losses, and 58 remained unchanged.

The bullish trend persisted on Friday as investors responded positively to the budget proposals for the fiscal year 2024-25 and ongoing IMF negotiations.

Experts suggest that if this upward momentum continues, the PSX could surpass the 100,000-point mark within the next 12 months.