PSX Achieves Significant Milestone, Surpasses 72,000 Mark

The KSE-100 index, a key benchmark, surged by 976.49 points or 1.37%, reaching 72,335.89 points during intraday trading, compared to its previous close at 71,359.41 points.

KARACHI: (UrduPoint/UrduPoint / Pakistan Point News-April 24^th, 2024) pakistan stock exchange (psx) marked a significant achievement by surpassing the 72,000 mark in early morning trading on Wednesday.

The KSE-100 index, a key benchmark, surged by 976.49 points or 1.37%, reaching 72,335.89 points during intraday trading, compared to its previous close at 71,359.41 points.

Muhammad Sohail, CEO of Topline Securities, highlighted the record-setting nature of the KSE-100 index and anticipated a decline in consumer inflation alongside a potential decrease in interest rates in the forthcoming months. Investors are buoyed by stable macroeconomic conditions, the prospect of rate cuts, and the anticipation of a new International Monetary Fund (IMF) program.

Samiullah Tariq, head of research at Pak-Kuwait Investment Company, emphasized the market's momentum driven by stable macroeconomic factors, anticipated rate cuts, and the prospect of a new IMF program.

Raza Jafferi, CEO of EFG Hermes Pakistan, pointed to favorable economic indicators such as improved foreign exchange reserves and a positive inflation trend as driving factors behind the market rally. He noted growing expectations of monetary easing, particularly benefiting highly leveraged sectors like cement and textile.

The previous day, stock trading saw mixed results with early gains led by the cement sector being offset by profit-taking later in the session. The KSE 100-share index concluded slightly lower, dipping by 74.06 points or 0.10%, closing at 71,359.41 points.