Karachi: The Pakistan Stock Exchange (PSX) witnessed a surge in bullish momentum as the benchmark KSE-100 Index scaled above the 66,500 mark, establishing a fresh record high with an impressive nearly 1% jump on Wednesday.
At the close of trading, the KSE-100 Index concluded at 66,547 points, marking a notable increase of 641 points or 0.97% from the previous session. This milestone surpassed the index’s previous peak of 66,427 points, attained on December 12, 2023.
The uptrend was fueled by robust buying activity observed across various index-heavy sectors, notably cement, commercial banks, oil and gas exploration companies, and refinery.
Market analysts attributed the upbeat sentiment among investors to several factors, including the progress on privatisation initiatives and the potential for a new agreement with the International Monetary Fund (IMF), both of which have contributed to boosting confidence in the market.
The buoyant performance at the PSX comes amidst mixed trends in global markets, with Japanese stocks witnessing gains amid a weakening yen, while Chinese stocks experienced a slight dip. Overall, regional trading lacked strong direction amid a holiday-shortened week, with investors awaiting key economic indicators such as the US inflation reading.
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