Share prices breach 90,000 milestone at Pakistan Stock Exchange

There was no looking back for the investors at the Pakistan Stock Exchange (PSX) as they went after shares rewriting record books with every passing day. The same happened on Friday as hectic buying lifted the index to the historic level of 90,000 points, reported 24NewsHD TV channel.

The benchmark KSE-100 index soared by 1,100 points in the opening session on Friday tossing the index to 90,000 as compared to previous day’s close of 88.945.98 points.

Later, ballooned prices led investors to resort to profit-taking which took the index a few hundred points down and at 10:15 am the index was trading at 89,684.11 points, up by 738.13 points or 0.82 percent.

On Thursday, the bourse had witnessed a stamped by the bulls when shares breached 88,000 and 89,000 milestones.

Experts opined that the State Bank of Pakistan (SBP) will reduce its policy rate by 200 basis points in its upcoming meeting on November 4, marking the fourth consecutive cut since June, thanks to a decline in inflation, a low current account deficit and higher remittances.

In a post on X, the finance ministry confirmed that Finance Minister Muhammed Aurangzeb held a meeting with the delegation of ITFC in Washington, appreciating its support for commodity financing of $3 billion over the next three years.

Currently, the stock market’s average traded volume increased by 73.36pc on a year-on-year basis.

Reporter: Basim Iftikhar