PSX briefly hits record high, closes with 700 points gain

KARACHI: The Pakistan Stock Exchange (PSX) experienced a major surge on Thursday, with the benchmark KSE-100 index briefly hitting a record high during intraday trading before closing with a gain of 700 points.

Intraday update: PSX gains over 600 points

The index reached a peak of 82,958.73 points, driven by strong investor confidence, before settling at 82,927.72, marking a rise of 960.72 points or 1.17 per cent. The lowest for the trading day for PSX still remaining above opening level, clocking in at 81,981.50 points.

Market activity was also robust, with over 96 million shares traded, amounting to a total value of Rs 8.35 billion. The session began with the index opening strong, but it faced resistance near the 83,000-point mark. Despite this, the market’s bullish sentiment remained intact as investors continued to show optimism.

Declining inflation, rupee stability offer strength to stock market

Analysts attributed the surge to a combination of factors, including lower bond yields making equities more attractive. A stable rupee, declining inflation, and growth in the agricultural sector have also bolstered market sentiment.