The Pakistan Stock Exchange (PSX) maintained its record-setting spree due to “strong” corporate results as it breached 146,000 points during intraday trade on Thursday.
The benchmark KSE-100 index rose by 992.53 points (0.68 per cent) to reach an intraday high of 146,081.02 points at 12:37pm, from the previous close of 145,088.49 points.
However, the shares soon declined slightly, standing at 145,613.09 points at 3:09pm, gaining 524.60 points (0.36pc) from yesterday.
The market also witnessed fluctuations, reaching a low of 145,250.17 points at around 11am — still above yesterday’s close.
Awais Ashraf, research director at AKD Securities, told Dawn.com: “Investor interest in companies posting strong corporate results or anticipated to report robust profitability has propelled the index to a new record high.
“Additionally, the recent imposition of an additional 25pc tariff on India has further bolstered market sentiment,” he added, referring to the United States’ recent levy on New Delhi, which will raise duties on some Indian exports to as high as 50pc.
Commenting on the stock market’s future, Ashraf said: “We expect the KSE-100 to reach 165,215 [points] by December 25, supported by sustained earnings growth, declining fixed income yields, and a relatively stable rupee.”
Reacting yesterday to the PSX’s record-setting spree, Prime Minister Shehbaz Sharif asserted it was a “reflection of investors’ confidence in government policies”.
More to follow