Karachi: The bourse continued its record-breaking rally on Friday,as it crossed 140,000 points mark after surpassing two psychological barriers in the day for the first time.
The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index touched an intraday high of 140,585.38 points, marking a gain of 1,919.89 points..
An expert says that the Stocks trading at a new all-time high ahead of major earnings announcements due next week and likely SBP policy easing amid thin inflation,”
“Expectations over strong financial results and annual payouts played catalyst role in bullish activity at PSX,” he added.
Another expert noted that “Momentum to continue amid result season. However, there will be episodes of profit taking.”
Investor optimism was further supported by the finance minister’s recent remarks regarding monetary easing. On Monday, Finance Minister Muhammad Aurangzeb stated there was room to reduce the interest rate, though the decision lies solely with the State Bank of Pakistan (SBP).
In its last policy meeting, the SBP held the benchmark interest rate at 11%, citing inflationary risks and geopolitical uncertainties following the Iran-Israel conflict. The date for the upcoming Monetary Policy Committee meeting has yet to be announced but is expected by the end of July.
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The bullish trend extended from Thursday, when the KSE-100 had surged by 2,285.53 points, or 1.68%, to close at 138,665.49. That session saw an intraday high of 138,943.47 points and a low of 136,674.98 points.
