The Pakistan Stock Exchange (PSX) has achieved a significant milestone as the KSE-100 index soared past 88,000 points for the first time during intra-day trading on Thursday.
As of 10:50 AM, the index was recorded at 88,022.68, reflecting an increase of 828.15 points, or 0.95%.
Broad-based buying was evident across several key sectors, including automobile manufacturing, cement, commercial banking, and oil and gas exploration.
Notable stocks such as HUBCO, KEL, OGDC, PPL, PSO, and NBP contributed to the positive momentum.
Market analysts attribute this surge to various factors, including expectations of a potential cut in the policy interest rate and declining yields on government securities, which have encouraged investments in equities.
Additionally, improved corporate earnings are fueling investor confidence.
According to Arif Habib Limited (AHL), the PSX’s performance reflects a year-to-date gain of 41% in 2024, making it one of the highest-performing equity markets globally.
AHL also noted that the State Bank of Pakistan might lower the key policy rate by up to 200 basis points in response to easing inflation and favorable economic indicators.
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The bullish trend at the PSX follows a previous day where the index crossed the 87,000 mark, closing at 87,194.53.
Global markets showed mixed results, influenced by rising U.S. Treasury yields and uncertainty surrounding the upcoming presidential election in the U.S.
