Bulls took full control of the trading floor at the Pakistan Stock Exchange (PSX) as the benchmark KSE-100 Index surged past the psychological barrier of 70,000 right after commencing trading on Tuesday.
According to the PSX website, the benchmark index posted around 600 points during the opening hour which helped the index to cross the 70,000 mark.
At 10:45 am, the KSE-100 touched its highest-ever level of 70,677.29 points after gaining 1047 points.
The index closed at 70,314.71 points, with an increase of 694.73 points or 1% from the previous day’s close of 69,619.98.
A buying spree was witnessed in commercial banks, oil and gas exploration companies and automobile assemblers, with index-heavy stocks of PPL, OGDC, PSO, SNGPL, MEBL, and HCAR trading in the green as well.
The KSE-100 index continues its upward momentum, reaching unprecedented levels in recent weeks. This optimism is backed by several factors including an expected monetary policy shift towards easing, declining inflation numbers, an uptick in remittances, positive news regarding privatisation of loss-making government companies and an overall positive outlook on Pakistan’s economic stability.
On Monday, Pakistan and Saudi Arabia also reaffirmed their commitment to expediting the first phase of an investment package worth $5 billion
The KSE-100 has soared by 28,684 points, a gain of 69.2% within the current fiscal year.
Additionally, the index has experienced a rise of 7,686 points, amounting to a 12.31% increase, throughout the present calendar year.
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