Bulls dominate PSX as shares gain more than 1,400 points
1. At one point, stocks touched all-time high of 82,000 points around 11:45am
The Pakistan Stock Exchange (PSX) experienced a bullish session on Thursday, with the KSE-100 index surpassing the 82,000-point mark, driven by optimism surrounding potential interest rate cuts.
The KSE-100 index climbed to 81,927.59 points during intraday trading, an increase of 1,466.26 points or 1.82% from its previous close of 80,461.33. At its peak, the index reached an all-time high of 82,000.89 points around 11:45 am.
Samiullah Tariq, head of research at Pak-Kuwait Investment Company, attributed the rise to reduced concerns over foreign selling and growing expectations of further interest rate cuts. These expectations stemmed from the rejection of t-bill auctions and the recent rate cut by the Federal Reserve.
Raza Jafferi, CEO of EFG Hermes Pakistan, told Geo.tv that August’s current account surplus, combined with the anticipation of additional rate cuts in upcoming monetary policies, is boosting domestic liquidity and pushing the KSE-100 higher.
