Mohsin Siddiqui (Chief Reporter)

Pakistan Stock Exchange’s KSE-100 index records a significant bullish trend, gaining 1,000 points, driven by positive investor confidence and expectations of financial support from the IMF and friendly nations.

Content: In a remarkable display of strength, the Pakistan Stock Exchange (PSX) witnessed a bullish surge, with its benchmark KSE-100 index gaining over 1,000 points during Wednesday’s trading session.

At 3:20 pm, the benchmark index reached a notable level of 63,942.35, marking a substantial increase of 986.33 points or 1.57%. Notably, it achieved an intra-day high of 64,038.83, establishing a historic milestone.

The surge was attributed to widespread buying activities, with key sectors such as cement, chemicals, commercial banks, oil and gas exploration companies, OMCs, and refineries all showing positive momentum.

This positive trajectory follows Tuesday’s session, where the PSX experienced another optimistic trend. The benchmark KSE-100 closed higher by 463 points or 0.74%, settling at 62,956.03.

Market experts interpret this sustained upward momentum as a clear indication of heightened investor confidence. This sentiment is fueled by optimistic expectations regarding an improved economic landscape, particularly with the prospect of financial support from the International Monetary Fund (IMF) and supportive nations.

In the previous month, the IMF and Pakistani authorities achieved a staff-level agreement on the first review of the IMF Stand-By Arrangement (SBA) program. The government anticipates receiving approval from the IMF’s executive board in December.

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