PSX hits historic high above 157,000 backed by strong corporate results

The Pakistan Stock Exchange (PSX) continued its record-breaking streak on Wednesday, as robust corporate results and strong investor participation propelled the benchmark KSE-100 Index to close above the 157,000-point mark for the first time in history.

The positive momentum persisted throughout the trading session, with the index reaching an intra-day high of 157,479.42 points. At the close, the benchmark index stood at 157,020.79, marking an increase of 457.27 points, or 0.29%.

On the corporate front, Shanghai Electric Power (SEP) announced the termination of its $1.77 billion purchase of 18,335,542,678 shares in K-Electric (KE), a major Pakistani utility company.

The PSX had also closed on a positive note on Tuesday, with the KSE-100 Index rising by 476.22 points, or 0.31%, to finish at 156,563.53 points.

Meanwhile, the Pakistani rupee maintained its positive momentum in the inter-bank market on Wednesday, gaining Re0.01 to settle at 281.60 against the US dollar. This marked the 24th consecutive gain for the rupee against the greenback.