The Pakistan Stock Exchange (PSX) hit a record high on Tuesday as investor confidence soared ahead of the federal budget announcement, with the KSE-100 index surging by 970.53 points to 122,611.53 before closing at 122,024.44 during intra-day trading.
Resuming activity after the Eidul Azha holidays, the trading session began with a positive momentum, building on the market's strong performance. The investor confidence, reflected in the Pakistan Stock Exchange's record performance, follows Moday's presentation of Pakistan's Economic Survey 2024-25.
The market briefly touched a high of 122,611.53 points before ending the session at 122,024.44 points, surpassing the all-time high of the 122,000 mark for the first time at the end of the day.
Trading volumes remained robust with 235,295,388 shares exchanged, and the total value of shares traded reached Rs 12.68 billion. The previous day's close was recorded at 121,641.00 points.
At the end of the previous week, PSX continued its positive momentum, with the benchmark KSE-100 index reaching an all-time high of 121,798 points on June 4, before settling at 121,641, marking a weekly gain of 1,950 points (+1.63%).
Read more: PSX makes history on macro boost
The rally was driven by positive developments, including successful budget talks with the IMF, the Asian Development Bank's approval of a $800 million financing package, and the finalisation of a Rs1.275 trillion circular debt resolution deal with banks.
Macroeconomic indicators also supported sentiment, with a 10% rise in petroleum sales YoY, CPI-based inflation easing to 3.5%, and a 23% MoM reduction in the trade deficit.
However, the State Bank's reserves fell slightly by $7 million to $11.5 billion.
Sector-wise, commercial banks, power generation, fertiliser, and food products led the gains.
Foreign sales amounted to $14.7 million, an increase compared to the previous week.
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