The Pakistan Stock Exchange (PSX) maintained its positive trend on Tuesday, as the benchmark KSE-100 index jumped by 665.81 points, or 0.78 per cent, reaching a historic high of 85,576.10 points during intra-day trading.
After starting the day on a slightly lower note, the index dipped to an intra-day low of 84,897.98 points. However, investor enthusiasm quickly surged, propelling the index to a peak of 85,676.79 points as the session progressed.
The trading session witnessed robust activity, with over 85 million shares changing hands, reflecting a strong interest from investors. The total value of shares traded was reported at Rs 8.06 billion.
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This follows a remarkable rally on Monday when the KSE-100 index approached the 85,000-point mark, driven by strong performances from leading oil stocks amid a backdrop of optimism related to the ongoing earnings season.
Several factors contributed to the market’s upward movement, including positive local and global developments. Rising global crude oil prices, favourable financial settlements, and declining bank lending rates played key roles in boosting investor sentiment.
Earlier in the day, the KSE-100 index had experienced a dip to 83,303.54 points but rebounded significantly, hitting an intra-day high of 85,047.81 points before closing at 84,910.30, marking an impressive gain of 1,378.34 points, or 1.65 per cent.
A significant driver of this rally was Pakistan Petroleum Limited’s (PPL) recent settlement with Iraq’s Midland Oil Company, resulting in a $6 million inflow for the firm.
