KARACHI: The Pakistan Stock Exchange (PSX) witnessed a massive buying rally on Thursday, with the benchmark KSE-100 Index closing above the 168,000 level for the first time in history. The index gained 2,849.29 points or 1.72%, settling at 168,489.62, after reaching an intra-day high of 168,619.32.
Analysts noted that equities have become the preferred investment choice for local investors, citing the lack of returns from other asset classes and the presence of taxation incentives.
Samiullah Tariq, Head of Research at Pak Kuwait Investment Company Limited, stated that equities are increasingly favored as an asset class due to these factors.
In a significant corporate development, Gillette Pakistan Limited announced that its parent company, Procter & Gamble (P&G), will discontinue its operations in Pakistan as part of a global restructuring plan.
Meanwhile, Finance Minister Muhammad Aurangzeb assured on Thursday that Pakistan is well-positioned to repay a $1.3 billion Eurobond maturing in April 2026.
On Wednesday, the KSE-100 Index closed at 165,640.34, gaining 146.75 points or 0.09%, following a mixed yet steady session with volatile intraday movements.
