The Pakistan Stock Exchange closed bearish on Wednesday as the KSE-100 Index shed 228.27 points or 0.38% to reach 60,501.99 levels.

The benchmark index broke another record during the midday trading when it crossed the 61,000-point mark.

The 100-index gained 470 points in the opening hours of trading to reach 61,200 points.

However, it moved in the negative territory during the later session to close in the red zone.

On Tuesday, the PSX gained 918 points to reach 60,730 points, its highest-ever mark by then.

Analysts have attributed the performance of the market to fiscal discipline by the government as well as a clampdown on the smuggling and manipulation of the US dollar.

The market is expecting foreign currency inflows worth around $1.5-2 billion from multilateral creditors like the World Bank and Asian Development Bank soon after the IMF executive board approves the release of its second tranche of $700 million to Pakistan in December 2023.

Many experts believe the market will reach 75,000-80,000 points by the end of December 2024 considering all goes well including political stability in the country.