KSE-100 index hits 69,000 record high mark with 641 points increase

ISLAMABAD: The PSX-100 index achieved a historic milestone by gaining 641 points, crossing the 69,000 mark on the first trading day of the week preceding the Eid-ul-Fitr holidays.

Last week, Pakistan’s primary stock index reached unprecedented intraday and closing highs on Thursday, further extending its rally subsequent to a staff-level agreement with the International Monetary Fund (IMF) earlier in the month. This agreement aims to facilitate additional financial assistance to Pakistan.

The benchmark KSE-100 index reached an intraday peak of 67,246.02 points, surpassing its previous record of 67,093.96 points set on December 13, before concluding at 67,142.12 – marking a new record closing high.

“Both foreign and local institutions are engaging in buying activities, encouraged by positive developments related to privatization and IMF negotiations,” commented Mohammed Sohail from Topline Securities.

Overall, the index surged by 594.34 points on Thursday, representing a 0.89% increase from the previous day’s closing.

Pakistan and the IMF have finalized a staff-level agreement pertaining to the second and final review of a nine-month, $3 billion Stand-By Arrangement. Upon approval by the IMF’s board, approximately $1.1 billion will be disbursed to Pakistan.

Both parties have also expressed intentions to pursue discussions regarding a longer-term financial assistance plan, alongside a commitment to implement necessary policy reforms aimed at addressing deficits, bolstering reserves, and managing escalating debt servicing obligations.

Pakistan’s new government, under the leadership of Prime Minister Shehbaz Sharif, has reaffirmed its commitment to proceed with the long-delayed privatization process of state-owned enterprises that have been incurring losses, thereby alleviating financial burdens on the government.