The Pakistan Stock Exchange (PSX) continued to surge on Thursday, with the KSE-100 index increasing by 660 points to set a new record.
Following an 800-point rise on Wednesday, expectations for an interest rate cut and advancements in the government’s privatization initiatives fueled the market’s optimism, pushing the KSE-100 index to close above 67,500.
The index experienced a 0.86% increase by 1:21 pm, reaching 68,416.78 at the close, a 0.98% rise from the previous day.
Arif Habib Limited noted this as the index’s “highest-ever closing”.
Topline Securities’ Mohammed Sohail attributed the buying surge in pharmaceuticals and exploration sectors to “positive news” affecting these industries.
The Lahore High Court’s decision to support the pharmaceutical sector by lifting a stay order on drug price deregulation was a key development.
Engro Corporation’s announcement to divest its energy assets sparked market excitement, revealing plans to sell its thermal assets in a significant deal. As stated in a stock exchange notification, Engro Energy Limited has reached agreements with Liberty Power Holding Limited.
Sohail also mentioned growing investor confidence, fueled by governmental efforts to stabilize the economy and secure a long-term International Monetary Fund (IMF) loan.
Yousuf M Farooq from Chase Securities pointed out the continuation of the previous day’s rally, driven by reports of potential Saudi investment in the Reko Diq project and the purchase of shares in Pakistani oil exploration companies.
