PSX hits historic high, closes above 121,000 points for first time

(Web Desk): The Pakistan Stock Exchange (PSX) continued its record-breaking rally on Wednesday, with the benchmark KSE-100 index closing above the 121,000-point mark for the first time in history. The index ended the day at 121,798.86, gaining 1,347.99 points or 1.12%.

During the trading session, the market hit an intraday high of 121,882.47 and a low of 120,896.13. Total trading volume stood at 292.4 million shares, with a transaction value of Rs24.37 billion.

This milestone comes just a day after the index closed above 120,000 points for the first time, signaling strong investor sentiment and positive market momentum.

The recent uptrend follows the approval of an $800 million financial package by the Asian Development Bank (ADB) under its Resource Mobilization Reform Program (Subprogram-II). The package includes a $300 million policy-based loan and a $500 million program-based guarantee, significantly boosting investor confidence.

ADB's approval came despite India’s attempt to delay the financing. India had requested a five-day postponement to review the loan documents, exposing a loophole in ADB’s procedures that allows such interventions.

Earlier in the week, the PSX saw a temporary setback, losing 813 points (0.68%) on Monday due to concerns over potential tax hikes and rising inflation. However, the market has since rebounded, reflecting renewed optimism ahead of the federal budget.