The Pakistan Stock Exchange (PSX) has been named the best market in the world for 2024 by Bloomberg, a recognition that comes as foreign investment in the stock market has surged significantly. This accolade arrives just ahead of the upcoming meeting of the International Monetary Fund (IMF) Executive Board, providing a boost to the Pakistani economy.
On Friday, the PSX achieved a historic milestone, reaching its highest recorded level by surpassing the 82,000-point mark. The KSE-100 Index soared by 666 points, closing at an impressive 82,125 points. Following a period of volatility, the index has regained momentum, reflecting a remarkable recovery in investor confidence. At one point during the day, the index peaked at 82,261 points after a rise of 801 points.
Despite some fluctuations, including an initial dip of 50 points to 81,409, the overall performance demonstrated robust market sentiment. Bloomberg noted that the KSE-100 Index experienced its highest levels of foreign purchases in a decade, with foreign investors buying shares worth an impressive $8.7 million in 2024 alone.
As the IMF’s Executive Board prepares to meet next week to discuss a potential $7 billion bailout package for Pakistan, expectations are high for increased dollar inflows into the country. Analysts believe that the approval of the IMF program will further stimulate trading activity on the stock exchange, boosting investor confidence and contributing to ongoing market growth.
