The Pakistan Stock Exchange (PSX) continued its record-breaking rally, with the benchmark KSE-100 Index registering new highs, briefly crossing the 91,000 level, after gaining over 900 points during trading on Monday.
At 12pm, the benchmark index was hovering at 90,936.21, an increase of 942.25 points or 1.05%. It earlier hit an intra-day high of 91,054.83.
Buying was observed in index-heavy sectors including automobile assemblers, cement, commercial banks, oil and gas exploration companies and OMCs. Index-heavy stocks including NBP, MCB, MEBL, OGDC, PPL, PSO and SSGC traded in the green.
The stock market has been on a record-breaking spree in recent weeks, as investors anticipate a significant policy rate cut in the upcoming Monetary Policy Committee (MPC) announcement by the State Bank of Pakistan (SBP), scheduled for next week.
Additionally, optimism is extended by corporate result announcements and favourable economic developments.
During the previous week, PSX performed extremely well and hit historic levels on the back of aggressive buying mainly by local investors and institutional support.
The benchmark KSE-100 index surged by massive 4,743.88 points on week-on-week basis and closed at its highest level in history at 89,993.97 points. During the week, the index crossed a historic 90,000 points psychological level but failed to sustain this level due to profit-taking in some stocks.
Internationally, Mainland China stocks fell in early trade on Monday, while Hong Kong stocks barely moved as investors anxiously await potential outcomes of a key meeting at home and the U.S. presidential election due next week.
China’s blue-chip CSI300 Index eased 0.4%, while the Hong Kong benchmark Hang Seng was largely flat in early trade.
China’s top legislative body will meet from Nov. 4-8, state news agency Xinhua said on Friday, with no mention on the agenda of highly anticipated debt and other fiscal measures.
This is an intra-day update
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