Positive sentiment prevailed at the Pakistan Stock Exchange (PSX) as the benchmark KSE-100 Index gained over 750 points to close at a new record high on Thursday.
At close, the benchmark index settled at 82,721.76, an increase of 754.76 points or 0.92%.
Buying was seen in key sectors including automobile, cement, commercial banks, fertilizer, oil and gas exploration companies and OMCs. Index-heavy stocks including HBL, BAFL, FFC, EFERT, OGDC, PPL and PSO traded in the green.
The improved sentiment comes on the back of positive indicators including a decline in the CPI inflation rate, which has raised expectations of a further policy rate cut in the market.
Moreover, the government initiation of T-bills buyback programme is expected to improve liquidity position of the capital market.
On Wednesday, the PSX witnessed mixed trading, as the benchmark KSE-100 Index swayed in both directions before closing at 81,967.01, up by 162.41 points or 0.20%.
Globally, Japanese shares rallied on Thursday as the yen extended losses after the new prime minister dampened interest rate hike expectations, while Hong Kong sank for the first time in more than a week after a blistering China-fuelled surge.
Traders remain on edge, however, as they await Israel’s response to Iran’s missile attack on Tuesday, which has fanned fears of a regional conflict in the Middle East, pushing oil prices ever higher.
Prime Minister Benjamin Netanyahu vowed to make Tehran pay for its “big mistake”, while Iran threatened to hit all Israeli infrastructure if attacked.
Other Asian markets rose, with Sydney, Singapore, Wellington, Manila and Jakarta all in the green.
This is an intra-day update
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