Shares at the Pakistan Stock Exchange (PSX) have reached a historic high during intraday trading on Friday, with the KSE-100 index surpassing the 82,300 mark.
By 10:49 am, the index had risen by 770.68 points, or 0.95%, hitting 82,229.96 points, up from the previous close of 81,459.28 points.
The Director of Research at Chase Securities Yousuf M Farooq credited this surge to a recent decline in yields. “The market anticipates a significant drop in inflation and interest rates,” he noted.
On Thursday, Pakistan Investment Bonds (PIB) experienced a notable 335 basis points decrease in the cut-off yield for the three-year tenor, with the government borrowing less than half of its target. Additionally, the government rejected all bids during a treasury bill auction on Wednesday, signaling its intent to lower borrowing costs that consume a large portion of tax revenues.
On Thursday, the PSX’s benchmark index had surged nearly 1,000 points, driven by expectations surrounding the US Federal Reserve’s rate cut, the upcoming International Monetary Fund (IMF) Executive Board meeting on September 25, and declining inflation figures.
The Pakistan Stock Exchange (PSX) saw a significant surge on Wednesday, with the benchmark KSE-100 index rising nearly 800 points.
The 100-Index of the Pakistan Stock Exchange (PSX), on September 14, had gained 315.44 more points, a positive change of 0.40%, closing at 79,333.06 points against 79,017.62 points on the last working day.
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