Share prices whizz past 91,000 milestone at Pakistan Stock Exchange
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The bull-run once again overwhelmed the trading at Pakistan Stock Exchange (PSX) on Monday which took the share prices to another all-time high at 91,000, reported 24NewsHD TV channel.
The way the bourse was registering vigorous gain after gain, it seemed the index will smash through the 100,000 historic mark very soon.
On Monday, the buyers were all over the trading indulging in hectic purchasing lifting the benchmark KSE-100 index by 1,060,87 points or 1.27 percent up to 91,05483 as compared to previous close of 90,087.41 points.
The bullish tremors from the previous week continued on the first business day of the current week with trading commencing with a burst of over 1,000 points.
The Pakistan Stock Exchange also saw significant gains last week, with the index surpassing 89,000 and reaching the new milestone of 90,000 points.
On Friday, the Pakistan Stock Exchange (PSX) had also achieved a historic milestone as the KSE-100 index touched the 90,000-point threshold.
Investor sentiment surged due to positive economic reforms and government initiatives, with 62,341,937 shares traded, reflecting strong market participation. The value of shares traded reached Rs5,057,954,342 on Friday.
The rally is driven by the fact that Pakistani stocks remain undervalued compared to regional markets.
Additionally, analysts expect the State Bank of Pakistan (SBP) to announce a reduction in interest rates, spurred by signs of moderating inflation.
The market anticipates the interest rates to be around 14% by end December, with two remaining Monetary Policy Committee (MPC) meetings for the year. A cumulative reduction of 350 basis points seems likely, driven by easing inflationary pressures and a global trend of monetary loosening.
Reporter Kavish Memon