PSX Hits Record-breaking High, Soars Beyond 62,000 Milestone

On Monday, the Pakistan Stock Exchange (PSX) showcased an impressive bullish trend, breaching the formidable 62,000 milestone and setting a new record high.

The KSE-100 index, a key benchmark on the PSX, had been on a consistent upward trajectory for the past fortnight. Analysts attributed this sustained rally to compelling valuations and the successful finalization of a staff-level agreement with the International Monetary Fund (IMF).

As of 9:39 am, the KSE-100 index demonstrated a substantial increase of 688 points, reaching an impressive 62,380 in trade volume. Notably, the IMF executive board is anticipated to grant approval for the staff-level agreement with Pakistan on December 07.

The upcoming executive board meeting, scheduled for December 7, is poised to deliberate on Pakistan's case. Sources suggest that following the board's approval, a substantial sum of around US$700 million will be made available to Pakistan.

This disbursement will contribute to the overall program, bringing the total funds received under the IMF initiative to nearly US$1.9 billion.