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KSE-100 index of PSX hits another record, surpasses 72000 level today

ISLAMABAD: The Pakistan Stock Exchange (PSX) hit a new milestone by surpassing the 72,000 mark during early morning trading on Wednesday.

The benchmark KSE-100 index rose by 976.49 points or 1.37% to reach 72,335.89 points in intraday trading, up from the previous close of 71,359.41 points.

The rally can be attributed to improvements in economic indicators, particularly foreign exchange reserves and inflation trajectory, leading to expectations of monetary easing.

An expert said, “This improvement is a significant driver for equities, especially in highly leveraged sectors like cement and textile, which are fueling the latest leg of the rally.”

Meanwhile, Muhammad Sohail, CEO of Topline Securities, stated that the KSE-100 index has set another record and expects a decrease in consumer inflation following a record current account surplus.

“Investors anticipate a reduction in interest rates in the coming months,” added Sohail.

Another expert mentioned that stable macroeconomic conditions, expectations of a rate cut, and hopes for a new IMF program are driving the market.

On the previous day, stocks ended slightly lower in mixed trade, with early gains in the cement sector erased by profit-taking later in the session.

The KSE 100-share index dropped by 74.06 points or 0.10%, closing at 71,359.41 points.

Managing Director of Arif Habib Commodities Ahsan Mehanti said, “Stocks closed under pressure amid higher trades on weak global crude oil prices, reports of refinery shutdowns, and expectations for a prudent SBP policy announcement next week ahead of new IMF loan talks next month.”

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I am an experienced writer, analyst, and author. My exposure in English journalism spans more than 28 years. In the past, I have been working with daily The Muslim (Lahore Bureau), daily Business Recorder (Lahore/Islamabad Bureaus), Daily Times, Islamabad, daily The Nation (Lahore and Karachi). With daily The Nation, I have served as Resident Editor, Karachi. Since 2009, I have been working as a Freelance Writer/Editor for American organizations.

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