Mohsin Siddiqui (Chief Reporter)

Pakistan Stock Exchange (PSX) marked a historic moment on Tuesday as the benchmark KSE-100 index surpassed the 60,000-point threshold for the first time in its history.

As of 2 pm, the benchmark index stood at 60,715.40, reflecting an impressive increase of 904.06 points or 1.51%. The surge in buying activity was observed across various sectors, including automobile assemblers, cement, chemical, commercial banks, and oil and gas exploration companies.

The momentum from Monday persisted, with the benchmark index gaining an additional 1.23% and settling at 59,811.34, a rise of 724.99 points.

This upward trend follows a staff-level agreement between Pakistani authorities and the International Monetary Fund (IMF) on the first review under the nine-month $3 billion Stand-By Arrangement (SBA). Anticipating the IMF executive board’s approval in December, the government expects to receive the second tranche of the SBA, facilitating inflows from other multilateral and bilateral partners.

Mohammed Sohail, CEO at Topline Securities, commented on this remarkable achievement, noting, “Pakistan’s KSE-100 index has gained 50% in only 5 months, from 40k to 60k. This is the fastest 50% rise in a few months after 2004.”

The PSX’s consistent growth underscores positive market sentiment and investor confidence, signaling a robust economic landscape in Pakistan.