09/04/2024
The Pakistan Stock Exchange (PSX) maintained its bullish trend as the benchmark KSE-100 Index reached a historic milestone, surpassing the 70,000-point mark for the first time on Tuesday.
By 12:45 pm, the benchmark index had reached 70,438.68, marking an increase of 818.70 points or 1.18%. It had previously reached an intra-day high of 70,677.29.
Over the past few weeks, the KSE-100 has consistently set new record highs, driven by investor optimism regarding an expected monetary easing cycle, lower inflation rates, increased dollar inflows, and overall positive sentiment regarding Pakistan's economy.
The upward trajectory at the KSE-100 has been broad-based, with contributions from sectors including cement, banks, automobiles, and energy.
On Tuesday, there was notable buying activity in automobile assemblers, commercial banks, and oil and gas exploration companies. Additionally, index-heavy stocks such as PPL, OGDC, PSO, SNGPL, MEBL, and HCAR were trading positively.
Mohammed Sohail, CEO of Topline Securities, remarked, "Pakistan's market has surpassed the 70k milestone amidst positive developments related to Saudi investments and deposits."
He also highlighted the continuous foreign buying that has supported equities, noting that the KSE-100 has risen by almost 70% since the end of June.
