Stock market shatters all records – crosses 59,000 points


KSE-100

KARACHI: After crossing the psychological mark of 58,000 points on Wednesday, the share market crossed 59,000 points mark on Friday.

After opening at 58,899.84 points on Friday, the index posted 557.07 points gain, hovering around 59,379.88 points.

On Monday, Pakistan Stock Market (PSX) closed with moderate gains on Monday. Tuesday saw the share market begin on a bullish note and post over 500 points gain even before noon. On Wednesday, PSX posted a notable hike and around noon the index breached the psychological barrier of 58,000 points. Friday pushed those gains further upwards and reached an all-time high.

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Trading volume was slow to pick up on Friday, but the index still showed confidence with nearly 87 million shares trading hands in less than two hours after opening.

Companies from myriad sectors were notable contributors to the positive momentum, showing that the growth was not driven by any specific segment. The market’s recent upswing is a result of positive sentiments arising from the expectation of a better economic outlook.

Adding to this positive outlook is the provisional endorsement from the International Monetary Fund (IMF) for releasing the upcoming installment within the current $3 billion loan program.

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