The bullish trend persisted at the Pakistan Stock Exchange as its primary benchmark index reached unprecedented heights, breaching the 68,000 level for the first time in history during Thursday’s trading session.
By 10:50 am, the KSE-100 index stood at 68,133.47, marking a rise of 377.44 points or 0.56%. Earlier in the session, it reached an intra-day peak of 68,362.35.
New purchases were primarily driven by robust activity in the energy sector, spearheaded by Engro, OGDC, PPL, SHEL, PSO, and NBP, all showing gains in their trading.
During Wednesday’s trading session, the rally at the stock exchange was spearheaded by the cement and steel sectors, resulting in the benchmark closing at 67,756 after surging by almost 900 points.
Internationally, Asian shares surged on Thursday amidst speculation of potential US rate cuts, despite uncertainty surrounding their timing.
Meanwhile, the yen depreciated against all currencies except the dollar, bolstering Japanese stocks.
There was notable activity in commodities, with gold hitting another all-time high, oil reaching a five-month pinnacle, and copper reaching a 13-month peak. This contributed to the rise in shares of basic materials and energy companies.
Part of these gains stemmed from supply disruptions and geopolitical tensions, but they also mirror optimism regarding global growth, fueled by a resurgence in recent factory surveys (PMI), notably in China.
