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KSE-100 Index Surges Over 900 Points, Exceeds 48,000-Mark After 24-Month Hiatus

Date: July 31, 2023

In a remarkable surge, Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index soared past the 48,000 mark, reaching a 24-month high on Monday. Market analysts anticipate the positive sentiment to persist in the coming days.

The bullish trend in the market gained momentum following Pakistan’s deal with the International Monetary Fund (IMF). Additionally, positive news regarding the country’s mineral sector further strengthened the gains.

During intra-day trade, the benchmark index witnessed a significant increase of 1,010.72 points or 2.15%, reaching 48,062.56 points, as per available data. This rise comes after the previous close at 47,076.9 points, marking a 21-month high.

The market has experienced substantial growth, surging by more than 6,600 points (+15.9%) since Pakistan’s staff-level agreement with the IMF, securing a $3 billion Standby Agreement.

Furthermore, the government’s efforts through the Special Investment Facilitation Council (SIFC) are paving the way for the Pakistan Mineral Summit. The summit, focused on Reko Diq and other mineral projects, is scheduled to begin on August 1, with the aim of attracting foreign investment.

Various factors, such as political clarity, expected political transition, progress with the IMF program, partial payment of gas circular debt, and expressions of investment interest from global leaders visiting Pakistan, contribute to the sustained momentum in the stock market.

As the market continues its bullish run, investors are closely monitoring developments and opportunities, and optimism remains high for the country’s economic prospects.

Note: The above news is a fictional representation based on the information provided. For accurate and up-to-date details about the KSE-100 index and Pakistan Stock Exchange, please refer to official announcements and news sources.


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