Another day, another all-time record at Pakistan Stock Exchange

Everyday brings along a new achievement for the Pakistan Stock Exchange (PSX) as same happened on Wednesday when the share prices rallied amid brisk activity rewriting the record books by lifting the index to nearly 92,000 mark, reported 24NewsHD TV channel.

Opening on strong positive note, the benchmark KSE-100 index hit new historic level in the opening hours with a surge of 855.50 points or 0.93 percent to 91,719.59 percent as compared to previous day’s close of 91,864.09 points.

The share prices of 236 companies recorded gains in their prices while 113 companies’ rates went down with 19 unchanged.

Buying was witnessed in key sectors including automobile assemblers, cement, chemical, commercial banks, fertilizer, power generation, oil and gas exploration companies and OMCs. Index-heavy stocks including HUBCO, OGDC, PPL, MCB, HBL and MEBL traded in the green.

On Tuesday, the PSX had maintained its positive trajectory and hit new all-time highs on the back of investors’ strong interest and healthy buying. Shares of 440 companies were traded. Of these, 171 stocks closed higher, 219 fell and 50 remained unchanged.

WorldCall Telecom was the volume leader with trading in 41.4 million shares, gaining Rs0.03 to close at Rs1.27. It was followed by Silkbank with 31.3 million shares, gaining Rs0.08 to close at Rs1.08 and Pace (Pak) Ltd with 30.2 million shares, losing Rs0.28 to close at Rs5.73.

Experts opined that the bourse is on a surge led by lower inflation numbers, declining interest, robust profitability of companies listed at the PSX, rupee stability, favourable external outlook and importantly cheap valuations.

The State Bank of Pakistan's Monetary Policy Committee will meet on November 4 and experts are expecting a 200-bps cut to a 15.5 % policy rate.

Reporter Baseem Iftikhar