Business Desk – September 26, 2024
The Pakistan Stock Exchange (PSX) soared to unprecedented levels as the ripple effects of Pakistan’s recent agreement with the International Monetary Fund (IMF) were felt across the market.
Just yesterday, the IMF applauded Pakistan’s economic reforms and announced a massive $7 billion bailout package aimed at stabilizing the country’s financial landscape. IMF Managing Director Kristalina Georgieva extended her congratulations to the Pakistani government and its people, recognizing the tough reforms that have led to positive economic shifts. “Pakistan’s economy is now on the right track, with signs of growth and a reduction in inflation,” Georgieva noted in her statement.
Today, the PSX mirrored this optimism, with the 100 Index experiencing a powerful surge right from the opening bell. The momentum pushed the index to a record high, gaining 658 points at one stage to hit an all-time peak of 82,905.
This dramatic rise follows an already strong session the previous day, where the 100 Index closed 764 points higher at 82,247, further reflecting investor confidence.
During the trading day, an impressive 420 million shares changed hands, amounting to transactions worth 18.38 billion rupees. The market capitalization also saw a significant boost, increasing by 99 billion rupees to reach a total of 10,784 billion rupees.
The robust performance of the PSX highlights the positive sentiment surrounding Pakistan’s economic future, as reforms continue to foster stability and growth amidst challenging global conditions.