Bulls took full control of the trading floor at the Pakistan Stock Exchange (PSX) on Thursday, with the benchmark KSE-100 Index gaining over 1,500 points during the intraday trading.
According to the PSX website, the market opened with a bullish trend and crossed the 81,000 mark at around 09:30 am. The benchmark index climbed to the day’s highest level of 82,003.58 by gaining 1542 points at 11:50 am.
At day close, the index settled at 81,459.28, up by 997.95 or 1.24%, from the previous close.
Robust buying activity was widespread in key sectors such as commercial banks, cement, oil and gas exploration companies, and oil marketing companies (OMCs). Major stocks traded in positive territory, including SSGC, OGDC, PPL, POL, HBL, MCB, and MEBL.
Market analysts attributed the bullish trend to a combination of factors including improved microeconomic indicators, falling bond yields, hopes of an IMF deal, and easing monetary policy.
According to data released by the State Bank of Pakistan (SBP), Pakistan’s current account recorded a surplus of $75 million in August 2024, a sharp contrast to the $152 million deficit in the same period last year.
On the global front, the US Federal Reserve reduced interest rates by half a percentage point, a move aimed at easing monetary policy amid concerns about the job market.
On Wednesday, the KSE-100 Index closed at 80,461.34, up 970 points or 1.22%, signaling continued positive momentum.
