A bullish trend was witnessed in the Pakistan Stock Exchange as the PSX-100 index restored the psychological limit of 79,000 on Tuesday.
PSX-100 index rose 550 points to reach 79375 points.
Over the past year, the Pakistan Stock Exchange (PSX) has shown significant growth and performance improvements.
The KSE-100 Index, which tracks the top 100 companies listed on the exchange, has surged by more than 60% in 2023, making it the best-performing market among Asia's frontier markets.
The performance has been attributed to improved macroeconomic conditions, a loan deal with the International Monetary Fund (IMF), and a ‘surge’ in investor confidence.
The IMF's $3 billion loan package has played a crucial role in this growth.
The government has implemented reforms to address fiscal and balance-of-payments crises, which has attracted additional financing from institutions like the World Bank and the Asian Development Bank. These measures have improved corporate earnings, especially in the banking, cement, and energy sectors.
Analysts project that the market could reach new highs, ranging between 75,000 and 81,000 points by the end of the year, supported by factors such as the upcoming general election and potential further IMF assistance.
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