the Pakistan Stock Exchange (PSX) witnessed a significant surge, with the benchmark KSE-100 index jumping nearly 900 points during intraday trade.
The index faced resistance around the 83,000-point barrier, ultimately gaining 884.01 points, or 1.08%, to reach a high of 82,958.73 by 1:23 pm.
The CEO at EFG Hermes Pakistan, Raza Jafri, attributed this sharp rise to lower bond yields, which are making equities more attractive, particularly high dividend-yielding and highly leveraged stocks. He noted, “A significant chunk of foreign supply has also been absorbed, which is giving more confidence to buyers. We expect the market to continue rising and make new highs.”
On Wednesday, stocks closed slightly higher, buoyed by falling inflation, currency stability, and growth in the agricultural sector. The KSE-100 share index increased by 162.41 points, or 0.2%, closing at 81,967.01 points, up from 81,804.59 points in the previous session.
The Arif Habib Corp Analyst Ahsan Mehanti highlighted that the market’s positive momentum was influenced by several factors, including a projection by S&P for a 200 basis points rate cut by FY25, a 20% rise in petroleum product sales in September, and a surge in global crude oil prices.
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The KSE-100 index of the Pakistan Stock Exchange (PSX) continued with bearish trend on Tuesday, losing 366.86 more points, a negative change of 0.45%, closing at 81,483.64 points against 81,850.50 points on the last working day.
