Today, the Pakistan Stock Exchange (PSX) exhibited a robust bullish trend, with the KSE-100 index reaching beyond 94,000 points during Thursday’s intra-day trading. The index opened with a notable surge, ascending 547 points to 93,903. As investor confidence surged, the index peaked at 94,217, reflecting a substantial gain of 816 points.
By noon, the KSE-100 had advanced by 799 points to stand at 94,154, following a solid opening to the week that saw the index surpass the 94,000 mark.
Read: PSX Soars Past 94,000 Points in Record Market Rally
Ahsan Mehanti from Arif Habib Corporation highlighted the influence of positive car sales data and policy reassurances on the market’s recovery, crediting these factors for the upward trend. The trading day they concluded with the KSE-100 up by 130.86 points or 0.14% at 93,355.43. Trading activity was vibrant, with 806 million shares traded, amounting to Rs31 billion.
Topline Securities pointed out the market’s consolidation, noting contributions from key stocks like Mari Petroleum and Lucky Cement, which added 461 points to the index together. However, some stocks like Oil and Gas Development Company faced profit-taking, slightly offsetting the gains.
The day’s trading was mixed, with 40 stocks advancing and 57 declining. Corporate developments also influenced the market; notably, Bank Alfalah retracted a buy offer for Samba Bank after the Saudi National Bank ended its sale process. Furthermore, Rousch Power settled to terminate its power purchase agreement early, promising financial closure by December 2024.
