PSX crosses 40,000 mark amid strong bullish sentiment

The Pakistan Stock Exchange continued its bullish trajectory on Thursday, propelled by renewed investor confidence after Saudi Arabia pledged to provide Islamabad with $6 billion in financial assistance.

The benchmark KSE-100 index gained another 763 points to push the index above 40,000 points. It was trading at around 40,040 points as of 11am.

The last instance when the PSX was trading above 40,000 points was on October 4, 2018, before Pakistan formally approached the International Monetary Fund for a bailout package.

On Wednesday, the KSE-100 index gained 1,556 points or 4.13 percent to push the index to 39,271 points at the close of trading. This was only the second time in history that the index rose by more than 1,550 points in a single day. The last time the market witnessed such gains was on June 5, 2017, when the benchmark index recorded a rise of 1,566 points at closing.

The gains followed a string of losses on the bourse after mixed signals from Prime Minister Imran Khan’s government on plans to address the country’s deteriorating finances.