The Pakistan Stock Exchange (PSX) soared past the 82,000 mark for the first time in history, as bullish sentiment dominated the market. The benchmark KSE-100 index opened at 80,461 points and quickly gained momentum, rising by 1.57 percent, or 1,266 points, to reach 81,727 by 10:15 AM.

The upward trend continued, with the index standing at 81,622 points at 10:30 AM, marking a 1.44 percent increase, or 1,160 points. By 12:35 PM, the index shattered previous records, crossing the 82,000 threshold. At the time of reporting, it was trading at 82,004 points, up by 1.9 percent, or 1,542 points.

Market analysts attributed the bullish momentum in the Pakistan Stock Exchange to slower-than-expected selling due to FTSE rebalancing, which prompted local investors to accumulate shares. They also noted that falling bond yields are encouraging funds to shift their focus to equities.

The analysts pointed to several factors driving the upward trend, including the US Federal Reserve’s recent decision to cut interest rates by half a percentage point, which has bolstered Asian equities. Additionally, they highlighted positive macroeconomic developments, such as the current account recording a surplus after four months, and the anticipation of an upcoming IMF meeting, which has fueled optimism for an IMF approval.

The session saw significant trading activity, with TRG Pakistan Limited (PSX: KOSM) leading the way with over 9.6 million shares traded. Fauji Fertilizer Bin Qasim Limited (PSX: FCSC) and TRG Pakistan Limited (PSX: TRG) also saw high participation, with 5.29 million and 4.5 million shares traded, respectively.

This historic rally underscores the strong investor confidence in the market, as the PSX continues to break new ground.

This is an intraday market update.