A positive shift in market sentiment fueled the Pakistan Stock Exchange’s (PSX) upward trajectory as the benchmark KSE-100 Index surpassed the historic 58,000 level for the first time in Wednesday’s trading session.

At 12:45 pm, the benchmark index reached 58,203.85, marking a noteworthy increase of 832.27 points, or 1.45 per cent. 

Widespread buying, particularly in index-heavy sectors such as automobile assemblers, cement, chemicals, commercial banks, fertiliser, and oil and gas exploration companies, contributed to this surge, with OMCs also registering gains.

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The benchmark index climbed by 294 points, or 0.51%, the previous day, settling at 57,371.59.

This sustained bullish trend reflects improved economic indicators in the country and the interim government’s successful negotiations with the International Monetary Fund (IMF) for the first review, unlocking $700 million in funding.

Analysts expect that, following the review, Pakistan will attract additional inflows from both multilateral and bilateral partners.

Commenting on this rapid yet anticipated recovery at PSX, Mohammed Sohail, CEO of Topline Securities, stated, “PSX is experiencing one of the fastest but not unexpected recoveries.”