PSX hits new record high as KSE-100 crosses 58,000 mark

The Pakistan Stock Exchange (PSX) continued its bullish run on Wednesday, as the benchmark KSE-100 Index crossed the 58,000 level for the first time in history.

At 12:15 pm, the KSE-100 index climbed by 664 points or 1.16%, reaching 58,083.41. Later, at 2:25 pm, it surged to 58,349.56, showing a notable increase of 977.98 points or 1.70%. As the trading session concluded, the index settled at 58,198.76 points or 1.44% (+827.18 points) higher compared to the previous session.

The rally was fueled by improved market sentiments, as the country's economic indicators showed positive signs of recovery.

The interim government successfully completed the first review of the International Monetary Fund (IMF) staff-level agreement, which would unlock $700 million in funding.

Analysts expect that this would also attract further inflows from other multilateral and bilateral partners.

The buying spree was witnessed across the board, with the index-heavy sectors such as automobile assemblers, cement, chemical, commercial banks, fertilizer, oil and gas exploration companies and OMCs trading in the green.

The top performers were Sui Southern Gas Company Limited (SSGC), which increased by 5.02%, UNITY, which increased by 3.21%, and Fauji Foods Limited (FFL), which increased by 2.85%.

In the wider market scenario, the All-Share index is presently trading at 38,935.17, reflecting a net gain of 426.01 points.

Notably, the KSE-100 has experienced a remarkable increase of 16,404 points or 39.57% throughout the fiscal year. The ongoing calendar year has also seen a cumulative surge of 17,436 points, equivalent to an impressive 43.14% in the KSE-100.