- The Pakistan Stock Exchange (PSX) briefly surpassed 74,000 points today.
- PSX closed at 73,799 points, up by 714 points or 0.98 percent.
- Positive IMF talks and renewed foreign interest drove the market’s rise.
Today, the Pakistan Stock Exchange (PSX) achieved a historic milestone, briefly surpassing the 74,000 mark during the trading session. The day ended with Pakistan equities closing at 73,799 points, reflecting a substantial increase of 714 points or a 0.98 percent rise.
According to Topline Securities, several key factors contributed to this remarkable performance. Optimism surrounding ongoing discussions with the International Monetary Fund (IMF), renewed foreign interest at attractive valuations, and continuous improvements on the macroeconomic front played pivotal roles in driving this surge. Investors showed confidence by increasing their equity holdings, particularly in blue-chip stocks across various sectors.
Significant contributions came from the Exploration & Production (E&P) and Fertilizer sectors, with companies such as Pakistan Oilfields Limited (POL), Dawood Hercules Corporation (DAWH), Engro Corporation (ENGRO), Pakistan Petroleum Limited (PPL), and Mari Petroleum Company Limited (MARI) collectively adding 307 points to the index.
However, the session also saw some profit-taking in stocks like Fauji Fertilizer Company Limited (FFC), Pak Elektron Limited (PAEL), and Pioneer Cement Limited (PIOC), resulting in a cumulative loss of 58 points in these stocks.
Overall, the positive momentum at the PSX highlights investor confidence bolstered by encouraging developments in the IMF talks and favorable macroeconomic indicators, setting a new benchmark for the market.
