PSX scales to new peaks amid hopes of securing longer IMF deal

The Pakistan Stock Exchange (PSX) has experienced a significant surge, crossing the 79,000 mark for the first time in its history during early trading hours on Friday. The benchmark KSE-100 index climbed 1,003.49 points, or 1.27%, reaching 79,969.81 points from the previous close of 78,801.53 points. At one point, it even touched the 80,000 mark, setting a new record for the PSX.

This remarkable rise is attributed to continued optimism following the recent budget announcement, with comments from Fitch suggesting that Pakistan is on track to secure a new International Monetary Fund (IMF) program. EFG Hermes Pakistan's CEO, Raza Jafri, highlighted the positive impact of Fitch's remarks and the attractiveness of equities amid monetary easing. 

Additionally, Alpha Beta Core CEO Khurram Schehzad noted that expectations from the fiscal year 2025 budget, which are anticipated to facilitate a more extensive and prolonged IMF program, have bolstered the confidence of both local and foreign portfolio investors. This optimism is reflected in the robust domestic liquidity and the increasing appeal of equities in the market.