Pakistan Stock Exchange hits historic highest-ever level of 94,000.
Another mega opening for the Pakistan Stock Exchange (PSX) on Monday as the index topped the new historic level of 94,000 mark amid brisk buying by investors, reported The Asian Mirror.
The PSX continued its upward journey as the benchmark KSE-100 Index gained 728.32 points or 0.79 percent during the opening hours of trading on Monday, pushing the index to 94,020.00 points.
Also read: Shares soar at PSX as benchmark KSE-100 crosses 68000 mark
Strong buying was observed in index-heavy energy and banking stocks with shares of MEBL, MCB, KE, OGDC, PPL, PSO and PRL in the green.
Later, profit-taking sets bringing down the index by a few hundred points.
During the previous week, the PSX had witnessed a bullish trend and hit historic highest-ever levels due to aggressive buying mainly by local investors and institutional support.
The benchmark KSE-100 index surged by massive 2,431.83 points on week-on-week basis and crossed the historic 93,000 level for the first time in history to close at the highest-ever mark of 93,291.68.
Also read: Pakistan Stock Exchange launches PSX Dividend 20 Index
Market experts attributed the momentum to several positive macroeconomic developments, including the State Bank of Pakistan’s historic 250 bps policy rate cut, lowering the rate to 15%.
Moreover, Pakistan’s remittances inflows had clocked in at $3.1 billion in October, 2024, providing extra cushion to the economy.
