PSX breaches 80,000 barrier once again in intra-day trading

The Pakistan Stock Exchange (PSX) achieved a milestone on Wednesday, with the KSE-100 index crossing the 80,000 points during intra-day trading reaching 80,193.76 points at 11.28 AM, gaining 640.88 points from the previous session close of 79,552.88 points.

This surge follows a continued bullish trend, with the index having crossed the 79,000 points mark on Tuesday.

The market's upward momentum is attributed to 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 had previously reclaimed its position as the world’s best-performing market in the fiscal year 2023-24, with an 89% increase in local currency terms and 94% in US dollar terms.

The market witnessed several record-breaking gains, particularly in June 2024, leading to a market capitalisation exceeding Rs10 trillion.

Earlier in the week, the PSX had gained nearly 380 points on the first trading day of the new fiscal year and saw a substantial 892-point increase on Tuesday.

The momentum carried through to Wednesday, culminating in the remarkable crossing of the 80,000 points milestone.