KARACHI: The Pakistan Stock Exchange continued its history-making momentum, as the benchmark KSE-100 Index crossed the 113,000 mark today for the first time during the opening hours of trading on Thursday.
At 10:20 in the morning, the benchmark index was hovering at 113,420.02, up 2,609.81 points or 2.36 percent.
The bullish trends fueled across-the-board buying in all vital sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration companies, OMCs, power generation refineries, etc. Index heavyweights such as HUBCO, SSGC, SNGP, PPL, OGDC, MARI, ENGRO, HBL, MCB, and NBP were trading in the green.
Experts attributed the continued spree of buying to several factors: booming economic indicators, increasing world oil prices, and the corrective movement of global equities against falling geopolitical tensions.
“From 40K to 112K in just 18 months is an excellent 180 % return,” Mohammad Sohail, CEO of Topline Securities, said.
“This has to be the best-ever turn-around in the Pakistan Stock Market’s 75-year history, tripling in value, and showcasing unmatched resilience,” he maintained.
The upcoming Monetary Policy Committee (MPC) meeting is also being watched by market participants who are anticipating a big cut in interest rates.
In a major development, the Asian Development Bank (ADB) upgraded Pakistan’s GDP growth forecast for the fiscal year 2025 to 3% from 2.8%, while the inflation figure was adjusted downward to 10% instead of 15% for FY24.
Yesterday, the market witnessed a sound recovery in equities as local investors made good purchases.
The KSE-100 Index increased by 1,913.57 points, or 1.76 percent, to reach a historical high of 110,810.22 points at the close.
