PSX Witnesses Bull Run as KSE-100 Briefly Surpasses 64,000 Mark with a 1,000-Point Surge

In a remarkable turn of events, the Pakistan Stock Exchange (PSX) experienced a bullish trend as the benchmark KSE-100 index soared by over 1,000 points during Wednesday's trading session.

At 3:20 pm, the KSE-100 index stood at 63,942.35, reflecting a substantial increase of 986.33 points or 1.57%. Notably, it achieved an intra-day peak of 64,038.83, marking an unprecedented high in its history.

Various sectors, including cement, chemicals, commercial banks, oil and gas exploration companies, OMCs, and refineries, contributed to the across-the-board buying trend, all trading in positive territory.

Tuesday's trading session also witnessed a positive trajectory, with the KSE-100 closing higher by 463 points or 0.74% at 62,956.03.

Financial experts interpret this sustained upward momentum as a reflection of growing investor confidence, driven by optimistic expectations for an improved economic landscape. The positive outlook is further supported by anticipated financial inflows from the International Monetary Fund (IMF) and friendly countries.

In the preceding month, the IMF staff and Pakistani authorities reached a staff-level agreement on the first review of the IMF Stand-By Arrangement (SBA) program. The government is optimistic about receiving approval from the IMF's executive board in December.

Adding to the positive sentiment, there is speculation about a potential reduction in interest rates in the upcoming Monetary Policy Committee (MPC) meeting of the central bank.