The Pakistan Stock Exchange (PSX) continued its upward momentum, as the benchmark KSE-100 Index crossed the 94,000 level for the first time during intra-day trading on Monday.
At 11:35am, the benchmark index was hovering at 93,847.03, an increase of 555.35 points or 0.60%. During trading, the KSE-100 hit an intra-day high of 94,020.02.
Strong buying was observed in index-heavy energy and banking stocks with shares of MEBL, MCB, KE, OGDC, PPL, PSO and PRL in the green.
Market experts attributed the momentum to several positive macroeconomic developments, including the State Bank of Pakistan’s historic 250 bps policy rate cut, lowering the rate to 15%.
In the latest quarterly MSCI review, Pakistan’s weight in the MSCI index rose to 4.4%, making it the second most liquid market in the MSCI FM.
Moreover, Pakistan’s remittance inflows clocked in at $3.1 billion in October, 2024, providing extra cushion to the economy.
During the previous week, PSX witnessed a bullish trend and hit historic highest-ever levels due to aggressive buying mainly by local investors and institutional support.
The benchmark KSE-100 index surged by massive 2,431.83 points on week-on-week basis and crossed the historic 93,000 level for the first time in history to close at the highest ever 93,291.68.
Globally, Hong Kong stocks led declines in Asia on Monday after Beijing’s latest stimulus fell short of investor expectations, overshadowing Wall Street’s record highs from Friday and futures pointing to further strength at the reopen.
Bitcoin climbed to an all-time high as Donald Trump’s victory in the US presidential election along with pro-crypto candidates being voted to Congress spurred expectations of a light-handed regulatory environment.
The dollar traded not far from last week’s four-month peak versus major peers as traders prepared for a key reading of US consumer inflation this week, as well as a parade of Federal Reserve speakers, including Chair Jerome Powell on Thursday.
Hong Kong’s Hang Seng tumbled 2.5% as of 0200 GMT, with a sub-index of mainland Chinese property shares tumbling 3.9%. Chinese blue chips weakened 0.3%.
Investors expect that Trump’s second term in office will bring equities-boosting tax cuts and looser regulations.
This is an intra-day update
Source: Brecorder
