Achi news desk-
Monitoring desk
KARACHI: The bullish trend continued in the Pakistan Stock Exchange (PSX) on Wednesday as the KSE-100 broke the 72,000 mark for the first time in the history of the stock exchange.
Previously, in a leading achievement, a record high was reached when the PSX crossed 71,000 points on Monday.
During today’s trading, the PSX gained more than 900 points due to improvement in economic indicators. Overall investor confidence, good financial results, positive economic indicators and a possible reduction in interest rates contributed to the stock market reaching a new high.
The purchase of shares by foreigners in the cement and banking sectors also played a role. Investor confidence is also increasing due to positive talks with the International Monetary Fund (IMF).
Experts say that if the government increases taxes in the real estate sector, investors will turn to the stock market and this could lead to the KSE-100 eventually crossing the 100,000 mark in 2025.
The expected loan program of the International Monetary Fund, which is expected to range from 6-8 billion dollars over three years, is expected to facilitate the timely repayment of foreign debts that are beginning to foster economic renewal in the country.
Last week, on April 19, the PSX snapped a three-day losing streak and made significant gains as the KSE-100 hit an all-time high above 70,900 with an increase of 620 points. The State Bank of Pakistan attributed the main trigger for the surge to the expected Saudi Arabia stake deal Minority in Pakistan’s Reko Diq copper and gold mining project.
