The Pakistan Stock Exchange (PSX) continued its record-breaking rally as the benchmark KSE-100 index surged past the 87,000 mark for the first time on Wednesday.
According to the PSX website, the market opened on a bullish note. However, it observed some crests and troughs during the intraday trading.
Around 01:00 pm, the benchmark index dipped nearly 200 points and fell to 86293 points from the previous close of 86,466.57 points.
At 03:15 pm, the KSE-100 touched the highest level of 87,309.22 points for the first time.
At the day’s end, the benchmark index settled at 87,194.53, up by 727.96 points or 0.84%.
Today’s unprecedented rally was mainly fueled by heavy buying in index-heavy energy stocks, with shares of companies including HUBCO, KEL, PPL and OGDC, ATRL traded in the green zone.
Market analysts have attributed the bullish run to anticipation of another reduction in the key policy rate by the central bank amid expectations of a lower inflation reading in October.
Globally, Asian stocks inched higher on Wednesday as investors were reluctant to place major bets ahead of a hotly contested U.S. election.
MSCI’s broadest index of Asia-Pacific shares outside Japan was last 0.3% higher. Tokyo’s Nikkei fell 1% ahead of Japan’s election this weekend.
China and Hong Kong stocks gained on Wednesday, buoyed by the promise of government help for the economy even though the scope and timing of stimulus measures remain uncertain.
The listless mood was set to continue in Europe, with Eurostoxx 50 futures 0.08% higher, German DAX futures up 0.11% and FTSE futures down 0.04%.
