There was no looking back as the investors pressed ahead with their buying at Pakistan Stock Exchange (PSX) during trading on Tuesday, taking the index to new historic high, reported 24NewsHD TV channel.
The share prices skyrocketed by 753.68 points or 0.88 percent taking the benchmark KSE-100 index to 85,663.97 points as compared to previous day’s close of 84,910.30 points.
On Monday, the index had surged by 1,378.34 points, or 1.65%, driven by positive economic indicators and robust buying in key sectors, particularly oil and gas. Analysts attributed the rally to improving macroeconomic conditions and speculation about a potential policy rate cut in the coming weeks.
The market saw significant interest in index-heavy sectors, including automobile assemblers, cement, commercial banks, fertiliser, oil and gas exploration companies, and oil marketing companies (OMCs). Stocks like OGDC, PPL, ENGRO, PSO, and SNGP were among the top performers.
Heavyweights such as National Bank of Pakistan (NBP), Meezan Bank (MEBL), Fauji Fertilizer Bin Qasim (FFBL), Sui Northern Gas Pipelines (SNGP), and Pakistan State Oil (PSO) were all in the green.
The PSX's record gains come despite concerns over increased terrorist activity in the country. On Sunday, a terrorist attack targeting a convoy of Chinese workers near Karachi’s Jinnah International Airport resulted in the deaths of two Chinese nationals.
Despite the surge in terror-related incidents, the stock market has continued its upward trajectory. Last week, the KSE-100 Index saw a weekly increase of 2,239.83 points, crossing the 83,000-point threshold for the first time.
Reporter Baseem Iftikhar