PSX: KSE-100 Index surpasses 85,000 mark for first time amid bullish momentum
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The Pakistan Stock Exchange (PSX) continued its record-breaking run as the KSE-100 Index crossed the 85,000 level for the first time on Tuesday, closing at 85,663.98 points, up 753.68 points or 0.89%.
The session began with a strong buying trend, driving the KSE-100 to an intra-day high of 85,824.27, followed by a dip to 84,897.99. However, late-session buying helped the index regain strength.
Analysts attribute the rally to improving macroeconomic indicators and strong buying in the oil and gas sector, particularly in OGDC and PPL, which collectively added 137 points to the index.
Key players including BAHL, HBL, EFERT, OGDC, and BAFL also played a significant role, contributing a total of 664 points to the rally. Declining bond yields and anticipated reductions in inflation further boosted investor optimism.
In other developments, four Independent Power Producers (IPPs) — Atlas Power, Saba Power, Rousch Power, and Lalpir Power — signed agreements to scrap premature pacts, with Hub Power (HUBC) expected to follow suit. HUBC shares plummeted, losing Rs9.1 to settle at Rs112.6.
On the currency front, the Pakistani rupee remained largely stable, depreciating slightly by 0.01% against the US dollar, closing at 277.67.
Trading volume increased to 506.56 million shares compared to 449.51 million in the previous session, while the value of traded shares rose to Rs33.05 billion from Rs30.19 billion. Hub Power Co.XD led the volume with 45.84 million shares, followed by Pak Petroleum and Pak Refinery.