PSX rallies to gain 688 points amid volatile week

The Pakistan Stock Exchange (PSX) experienced a significant rally today, as the benchmark KSE-100 index climbed by 688.70 points, representing a 0.89% increase, to reach 78,434.16 points during intraday trading.

This comes after (PSX) dropped nearly 750 points on Wednesday in a highly bearish activity fuelled by investor concerns over the affirmation of “CCC+” rating for Pakistan by S&P Global, which underscored the country’s heavy reliance on foreign assistance for meeting debt obligations amid political instability.

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However, the PSX reached its all-time high, two weeks earlier, and crossed 81,000 point mark, an unprecedented milestone driven by robust buying from local and foreign investors.

The surge to 81,000 points indicated the bullish momentum in the market and experts attributed the bullish trend to various factors including the privatization and staff-level agreement with the International Monetary Fund (IMF).