Bulls made a powerful comeback to the trading floor at the Pakistan Stock Exchange (PSX) on Thursday, with the benchmark KSE-100 Index surging past the 65,000 level, by ending a short period of sell-off.
According to the PSX website, the market opened on a positive note gaining over 500 points in the early hours of trading. The KSE-100 index further gained ground during intraday trading and closed at 65,064.26 level, up by 1,015.82 points or 1.59%.
Market experts attributed today’s bullish trend to improved clarity on the political and economic fronts. Investors were anticipating a rate cut by the Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) in its upcoming meeting on Monday.
The bullish sentiment was further bolstered by the commencement of discussions between Pakistani officials and the International Monetary Fund (IMF) regarding the second review of the $3 billion Stand-by Arrangement (SBA).
The trading session saw heightened activity, particularly in the automobile and refinery sectors, with cement and food industries also drawing considerable attention.
The all-share index’s volume expanded to 315.24 million shares, up from 252.75 million in the previous session, while the market’s value rose to Rs10.48 billion from Rs9.24 billion.
