PSX extends rally, crosses 138,000-point mark

The Pakistan Stock Exchange (PSX) extended its bullish streak on Thursday, surpassing the 138,000-point level during intraday trade.

The benchmark index gained 2,285.53 points, or 1.68%, to close at 138,665.49, up from a previous close of 136,379.96.

It reached an intraday high of 138,943.47 and a low of 136,674.98.

Total volume stood at 299.28 million shares, with market value hitting PKR 26.39 billion.

Read: Bulls stage comeback on earnings' prospects

Earlier on Wednesday, PSX rebounded as the KSE-100 index rose nearly 450 points over investor optimism about the ongoing corporate result season and the potential of a ratings upgrade.

Market sentiment was buoyed by the anticipation of robust company results and attractive dividend announcements.

According to Arif Habib Corp MD Ahsan Mehanti, stocks showed recovery in the earnings season rally on expectations of strong financial results, dividend payouts and potential Moody's upgrade amid strong economic recovery.

KTrade Securities, in its report, wrote that profit-taking persisted at the PSX as the index experienced another mixed session.

JS Global analyst Muhammad Hasan Ather commented that the KSE-100 index traded near record highs, rising 1,292 points to an intra-day high of 137,232 amid strong corporate earnings and optimism about Moody's ratings upgrade.

Overall trading volumes stood at 705.9 million shares compared with Tuesday's tally of 879.1 million. The value of shares traded was Rs32.2 billion. Shares of 482 companies were traded.

Of these, 223 stocks closed higher, 221 dropped and 38 remained unchanged.