KARACHI: The Pakistan Stock Exchange (PSX) continued its upward trajectory, reaching unprecedented levels as the benchmark KSE-100 Index soared past 72,000 points for the first time ever during Wednesday’s trading session.
Starting on a positive note, the KSE-100 surged to an intra-day peak of 72,414.32, marking a remarkable milestone.
Although some profit-taking occurred following the intra-day peak, the index managed to conclude the session above the historic 72,000 mark.
Closing at 72,051.89, the benchmark index recorded a gain of 692.49 points or 0.97%, marking its highest closing in history, surpassing Monday’s level of 71,433.46.
The market saw significant buying activity in crucial sectors such as cement, commercial banks, oil and gas exploration firms, and OMCs, with prominent stocks like PPL, OGDC, PSO, and SHEL trading positively.
Market experts linked the surge in buying to improved economic indicators and anticipation of a rate cut in the upcoming Monetary Policy Committee (MPC) meeting, amidst a slowdown in inflation.
Muhammad Sohail, CEO of Topline Securities, informed Geo News that the KSE-100 index had achieved another milestone. He noted that consumer inflation is expected to decline following a record current account surplus.
“Investors are optimistic about an impending decrease in interest rates in the coming months,” Sohail added.
