Stock Market Soars: KSE-100 Gains 400 Points with Ongoing Bullish Momentum

Bulls continued to dominate trading on the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index rising more than 400 points during the day.

The benchmark index was hanging around 48,643.30 at roughly 12:40 pm, an increase of 412.80 points or 0.86%.

On Tuesday, the index gained for the ninth straight session on positive economic indicators, finishing with a rise of 195.91 points, or 0.41%, to 48,230.51.

Meanwhile, on Wednesday, buying was seen in index-heavy sectors such as oil and gas exploration, OMCs, chemical, and engineering.

Commercial banks, automakers, and the cement industry all showed a mixed picture.

Since the adoption of the International Monetary Fund’s (IMF) $3 billion Stand-By Arrangement last month, the stock market has stayed buoyant.

According to experts, the E&P sector was especially upbeat after learning that Barrick Gold had agreed to pay Pakistan’s share of the investment in Pakistani rupees.

The agreement was struck during a meeting on Tuesday between Prime Minister Shehbaz Sharif and a group from Barrick Gold Corporation led by Chief Executive Officer Mark Bristow.

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