Pakistan Stock Exchange rockets past historic mark of 89,000

Sky is the limit as the share prices went through the roof at the Pakistan Stock Exchange (PSX) on Thursday surging by nearly 2,000 points and carrying the index to a historic high of over 89,000 points, reported 24NewsHD TV channel.

The bulls continued their rampage in the opening session and then to the noon trading lifting the stocks by 1,921.81 points or 2.15 percent to 89,116.34 points, as compared to previous day’s close of 87,194.53 points.

The hectic buying was witnessed amid reports that the State Bank of Pakistan (SBP) will cut the interest rate further on November 4.

Experts were of the view that the market has remained bullish since the International Monetary Fund approved Pakistan's $7 billion loan programme under the Extended Fund Facility. They noted that following the IMF approval, political noise also died down following the approval of the 26th Constitutional Amendment.

The surge was driven by across-the-board buying following approval of constitutional amendments by the National Assembly (NA).

On Wednesday, the PSX benchmark KSE-100 index had surged by 727.96 points or 0.83 percent, taking the index to historic high of 87,194.53.

The bourse began the session with a strong buying spree that persisted throughout the day, leading to a notable recovery across various sectors.

Major PSX players such as Hub Power Company (HUBCO), K-Electric Limited (KEL), Pakistan Petroleum Limited (PPL), and Oil and Gas Development Company (OGDC), and Attock Refinery Limited (ATRL) witnessed the most gains.

K-Electric Ltd remained the top traded stock on Wednesday with as many as 207.63 million shares exchanged, followed by WorldCall Telecom at 42.92 million shares, while Pakistan International Bulk Terminal (PIBT) remained the third with 33.97 million shares.

As many as 447 companies were traded in the Pakistan Stock Exchange, with 214 registering gains, 173 experiencing declines, and 60 remaining unchanged.

Reporter Ashraf Khan