PSX Closes At All-Time High After Crossing 80,000 Points

The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index closed at an all-time high after crossing 80,000 for the second time in two weeks. The KSE-100 index surged by 853 points or 1.07 percent to 80,405 at 12:07 PM today. An encouraging buying spree in the first three hours of trade helped the index enter the 80,000 territory once again. The KSE-100 index closed at 80,233, up 680 points or 0.86 percent. This is the highest-ever closing recorded by the benchmark index. Analysts attributed the bullish trend to rising global crude oil prices, expectations of strong dividends from state-owned oil enterprises, and positive talks for an IMF bailout deal this month. Some noted that the momentum was driven by a newIMF program expected this month and further monetary easing. The highest participation was witnessed in Pak Elektron Limited (PSX: PAEL) with over 34.5 million shares traded, followed by The Bank of Punjab (PSX: BOP) and National Bank of Pakistan (PSX: NBP). The scrips had 31.4 million shares and 21.2 million shares traded, respectively.