KARACHI: Pakistan Stock Exchange (PSX) persisted with buying on Friday with the KSE-100 Index hitting and crossing the mark of 109,000 for the first time in its history after nearly 800 points gain during intra-day trading.
At the midday session break at 12pm, the benchmark index stood at 109,037.98, up by 799.02 points or 0.74%.
The buying was seen in notable sectors such as automobile assemblers, commercial banks, fertilizer, OMCs, and oil and gas exploration companies. Index-heavy stocks that traded in green included PPL, MARI, SSGC, SNGP, MCB, NBP, UBL, and DFML.
Optimism prevails, earning investors face-lifting and unyielding market sentiment over expectations of massive cuts in the forthcoming monetary policy meeting scheduled on December 16, 2024.
The bullish run stretched the KSE-100’s life into a record high yesterday as local interest and institutional support continuously hit the record price of the index.
The index surged an astounding 3,134.63 points or 2.98% and closed at a record high of 108,238.97.
Yesterday, Saudi Arabia extended the term of its deposits of about 3 billion dollars with Pakistan for an additional year to support its economy.
Also Read: Pakistan’s liquid foreign reserves surge to $16.62 billion
The deposits with the State Bank of Pakistan matured Thursday but, on request from the federal government, an extension of another year was announced by Saudi Arabia.
Asian stocks slipped across the board on political ructions in South Korea, while US dollar bulls waited with bated breath to see whether US payrolls would challenge or reinforce expectations of a cut in rates this month.
