Bulls retain control as PSX crosses 90,000 points for the first time

KARACHI: Bullish trend continued at the Pakistan Stock Exchange (PSX) as shares surged more than 1,100 points during the opening hours of intra-day trading on Friday, taking the benchmark KSE-100 Index to a historic 90,000 level.

The KSE-100 index climbed 1143.26 points or 1.29% at 02:16 pm, to stand at 90,089.24 points from the previous close of 88,945.98 points. It hit a high of 90,180.51, now its record intra-day level.

Buying was witnessed in index-heavy stocks including automobile assemblers, commercial banks, fertilizer, oil and gas exploration companies, and OMCs. Index-heavy stocks including OGDC, PPL, SSGC, NBP, and MEBL traded in the green.

Investor confidence has been bolstered by positive economic reforms and government initiatives, with a total of 62,341,937 shares traded, indicating robust market activity.

On Thursday, the benchmark index surged by 1,750 points or 2.01%, closing at 88,945.98, as investors showed interest in buying stocks grew amid expectations of significant policy rate cuts in the upcoming monetary policy announcement.

Mohammed Sohail, chief executive of Topline Securities, noted that the stock market “has achieved one of its best performances in recent history, soaring from 38,000 to 90,000 points — a remarkable 137pc gain in less than two years”.