PSX hits historic high as KSE-100 briefly crosses 116k points
Segregation of client assets is critical as brokers have been penalised for using client money illegally. PHOTO: AFP
The Pakistan Stock Exchange (PSX) began the week on a bullish note, with the KSE-100 index briefly soaring past 115,900 points, marking a historic high for the market.
The new business week opened with a significant surge of around 1700 points, propelling the KSE-100 index to 116,015.28 points during intra-day trading
The Indes continued to fluctuate through the session, with the index reaching 115,900 points after a 1.25% surge.
This upward trajectory follows weeks of consistent gains, which saw the market break multiple records in the prior week.
The latest surge cements the PSX’s position as a high-performing market in the region, with traders optimistic about sustained growth in the near term.
The PSX earlier last week had also achieved a historic milestone during the outgoing week as the KSE-100 index surged 4.8% and closed at a record high of 114,302 points.
Average daily traded value during the week reached an unprecedented Rs60 billion, which led to the index's year-to-date return of 83%.
Investor optimism was fueled by expectations of an interest rate cut in the upcoming monetary policy meeting and strong economic indicators, including a 29% year-on-year (YoY) rise in remittances to $2.9 billion in November.
The market also benefited from declining yields in T-bill auctions, increased auto sales and improved banking sector performance.
Sector-wise, oil and gas exploration, fertiliser and technology led the gains, where stocks like Mari Petroleum and Fauji Fertiliser Company (FFC) made significant contributions.
Despite foreign outflows of $0.9 million, local fund buying bolstered the market. Pakistan retained its position as the world's top-performing market in terms of US dollar returns for the second consecutive week.