The KSE-100 Index closed in the green for another session on Thursday as it gained 267 points to settle near 75,000 following a buying spree on some positive indicators.
The index briefly crossed 75,000 for the second consecutive day, but was unable to sustain the level due to some selling pressure.
At close, the benchmark index settled at 74,930.69, up by 266.72 points or 0.36%.
Buying was witnessed in the banking sector, followed by technology, pharma, and textiles. On the other hand, fertiliser, power, E&P, OMCs, and cement sectors closed in the red.
“Bull run continued at the Pakistan Stock Exchange on Thursday. Indices oscillated between both zones until finally closing in green. Volume dropped compared to prior session. According to analysts, the upward trend was driven by positive economic indicators for the country,” brokerage house Capital Stake said in its post-market report.
On Wednesday, the KSE-100 closed the trading session with a gain of 133 points, after it briefly crossed 75,000 for the first time in history.
Experts have said that positive indicators such as initiation of talks with the International Monetary Fund (IMF) for a new loan and expectations for a rate cut in the upcoming monetary policy meeting have contributed to the record highs at the PSX.
Asian equities rallied on Thursday after US data showed inflation cooled last month, fuelling speculation that the Federal Reserve will cut interest rates twice this year.
The news sent all three main indexes on Wall Street to record highs, with confidence given an extra boost by figures showing retail sales well below expectations, suggesting consumers were taking a step back.
The 3.4% clip in April consumer prices was in line with forecasts but down from March and capped a run of three straight months above estimates that forced investors to reel in their rate cut hopes.
Meanwhile, the Pakistani rupee saw a marginal decline against the US dollar, depreciating 0.05% in the inter-bank market on Thursday. At close, the local unit settled at 278.4, a loss of Re0.14 against the greenback, as per the State Bank of Pakistan.
Volume on the all-share index decreased to 407.62 million from 572.42 million a session ago.
The value of shares plunged to Rs16.98 billion from Rs25.95 billion in the previous session.
P.I.A.C.(A) was the volume leader with 34.84 million shares, followed by Pak Elektron with 28.54 million shares, and WorldCall Telecom with 24.08 million shares.
Shares of 377 companies were traded on Thursday, of which 161 registered an increase, 194 recorded a fall, while 22 remained unchanged.
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