PSX continues record-breaking streak, surpasses 86,000 points during intra-day trading
Shares of 333 companies were traded. At the end of the day, 135 stocks closed higher. PHOTO: FILE
The Pakistan Stock Exchange saw a significant surge on Wednesday, pushing the KSE-100 index to an all-time high of 86,146 points during intra-day trasding.
This marks the third consecutive day of gains, driven by a combination of foreign investment and expectations of reduced interest rates.
The market opened with strong momentum, with the KSE-100 index gaining 254 points, quickly hitting a new peak of 85,918 points.
As the session progressed, the index rose further by 484.83 points, crossing the historic 86,000-point threshold.
Analysts attribute the rally to multiple factors, including declining inflation, anticipated reductions in interest rates, and increased foreign investment following Pakistan's participation in the IMF programme.
Additionally, prospective investments from Saudi Arabia and Gulf countries in the oil and gas sector have contributed to the positive sentiment.
The market's upward trend has resulted in significant gains for several sectors, particularly in oil, gas, fertiliser, and banking.
Institutional investors and foreign stakeholders have been actively driving the capital market higher, with foreign investment rising by 17% this year. The trade deficit has also come under control, further supporting investor confidence.
The KSE-100 index had previously reached a record high of 85,663 points on Tuesday, highlighting the market's sustained upward momentum.