Karachi: The Pakistan Stock Exchange (PSX) experienced a bullish trend due to investor confidence on Friday, as the KSE-100 index crossed the 76,000 mark for the first time in history. This milestone was driven by positive developments regarding the International Monetary Fund (IMF) and a major investment announcement from the United Arab Emirates (UAE).
By 3:11 PM, the KSE-100 index was at 76,245.68 points, marking a gain of 1131.21 points. Key sectors, including oil, gas, cement, automobiles, commercial banks, chemicals, and refineries, saw across-the-board buying.
The rally was sparked by the UAE’s announcement on Thursday to allocate $10 billion for investment in promising economic sectors in Pakistan. This announcement followed discussions between UAE President Sheikh Mohamed bin Zayed Al Nahyan and Pakistan’s Prime Minister Shehbaz Sharif.
Additionally, significant progress was reported on the IMF front. The IMF and Pakistani authorities have moved closer to reaching a Staff-Level Agreement (SLA) on a new programme. An end-of-mission statement posted on the IMF’s website highlighted the progress made during the IMF mission’s visit to Islamabad, which concluded on May 23. The mission discussed Pakistan’s pursuit of a longer and larger Extended Fund Facility (EFF).
On Thursday, the PSX’s benchmark index had regained the 75,000 level, closing at 75,114.47 points, up by 157.8 points.
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