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The Pakistan Stock Exchange (PSX) witnessed a strong uptrend on Wednesday, with the benchmark KSE-100 index crossing the 80,000-point mark.
During intraday trading, bulls continued to dominate, pushing the KSE-100 index up by nearly 800 points to reach 80,223.97 points in a short period.
Experts attribute the market optimism to expectations of a new loan deal with the International Monetary Fund (IMF), which is bolstering investor sentiment.
On Tuesday, the KSE-100 had closed above the 79,000 level. Throughout the trading session, the benchmark index saw consistent gains, with trading volume higher compared to the previous session.
At the close on Tuesday, the KSE-100 index settled at 79,552.89, marking an increase of 728.55 points or 0.92%.
Significant buying activity was observed across various index-heavy sectors, including cement, chemicals, commercial banks, fertilizers, oil and gas exploration companies, OMCs (Oil Marketing Companies), and pharmaceuticals. Index-heavy stocks such as PSO, SHEL, SNGPL, OGDC, PPL, POL, HBL, NBP, and MCB ended the day in positive territory.
In a notable development, Finance Minister Muhammad Aurangzeb has indicated that the prior actions required for the IMF loan program are largely complete. He added that Islamabad is progressing towards meeting additional structural benchmarks, aiming to secure a larger and long-term deal with the IMF.