Bullish Surge: KSE-100 Hits New Record, Surpassing 55,000 Points with Over 1,000-Point Gain
In a remarkable display of bullish momentum, the Pakistan Stock Exchange (PSX) witnessed the benchmark KSE-100 Index soaring past the 55,000-point mark, setting a new record high during intra-day trading. The index experienced a substantial leap of over 1,000 points on Friday.
Karobar
As of 12 pm, the KSE-100 Index stood at an impressive 55,355.51 level, reflecting a substantial increase of 1,094.09 points or 2.02%. This surge comes on the heels of the index settling at the then-historic high of 54,261 on Wednesday, marking a week of record-breaking activity.
Friday's trading session saw widespread buying activity, particularly in index-heavy sectors such as automobile assemblers, cement, chemicals, fertilizers, power generation and distribution, refineries, oil and gas exploration companies, and OMCs—all trading in positive territory.
The rally was attributed to the results of the PIB auction, as noted by Mohammed Sohail, CEO of Topline Securities, who emphasized the impact of a significant drop in Pakistan bond yields. Sohail pointed out that this downturn in bond yields indicates the market's anticipation of a potential rate cut, possibly sooner and at a faster pace than previously expected.
Macro-economic indicators further fueled positive sentiment at the bourse. Notable improvements included a substantial reduction in the country's current account deficit, which plummeted to $8 million in September 2023, compared to $360 million in the same month the previous year. Additionally, a decline in CPI-based inflation added to the optimistic outlook.
