KARACHI (National Times) The Pakistan Stock Exchange (PSX) surpassed 76,000-point threshold for the first time on Friday, signalling a significant upward trend in the market.

Reports indicate the fifth and final day of the business week saw a sharp uptick in trade, with the stock market gaining 956 points, reaching an unprecedented level of 76,070 points.

This impressive upswing is credited to several positive economic developments, foremost among them being advancements in Pakistan’s loan programme with the International Monetary Fund (IMF), instilling confidence among investors.

The IMF on Friday stated significant progress was made towards reaching a staff-level agreement for an extended fund facility (EFF).

Shortly after the IMF released its statement, the PSX gained 556.5 points, to stand at 75,670.97 points at 9:41am from the previous close of 75,114.

On Thursday, the stock market experienced an increase of 157 points, with the KSE-100 Index closing at the level of 75,114 points.

Furthermore, news of a substantial investment pledge from the United Arab Emirates (UAE) has augmented market optimism. The UAE’s commitment of $10 billion in investments is anticipated to greatly bolster Pakistan’s economic stability and growth prospects.

Throughout the trading day, the PSX continued to flourish, reflecting robust market confidence and heightened investor interest.

Market analysts attribute this remarkable growth to a combination of favourable economic indicators, positive corporate earnings reports, and optimism regarding future economic prospects.