Bulls dominated the trading floor at the Pakistan Stock Exchange (PSX) as the benchmark KSE-100 Index closed above the 78,000 level for the first time in its history on Thursday.
According to the PSX website, the stock market opened on a positive note in its first session after the Eid-ul-Adha holidays. At 10:35 am, the benchmark index crossed 77,000 level, with a gain of 1095 points or 1.43%.
Bulls further extended their march and surged past the 78,000 level at 11:02 am, with an increase of over 1,500 points or 1.91%.
At 03:30 pm, the benchmark index touched its historic high of 78,890.37 level, gaining 2183 points or 2.75%.
At day close, the market settled at 78,801.53, up by 2094.76 or 2.73% from the previous close of 76,706.77 points on June 17.
A strong buying spree was witnessed in key sectors, including automobile assemblers, commercial banks, fertilisers, oil and gas exploration companies, oil marketing companies (OMCs), and refineries. Major stocks like ODGC, POL, SHEL, SNGPL, MEBL, and HBL traded positively.
Fitch Ratings described Pakistan’s budget for fiscal year 2024-25 as “ambitious” but noted that it could improve the chances of securing a deal with the International Monetary Fund (IMF).
Last week, the PSX saw a bullish trend, reaching new levels after no increase in the tax rate on dividends and capital gains for filers, contrary to market rumours.
This boosted investor confidence and led to increased interest in the stock market. The KSE-100 index rose by 2,952.75 points over the week, closing at a record high of 76,706.77.
