Buying spree continued at the Pakistan Stock Exchange (PSX) as the benchmark KSE-100 Index crossed the 107,000 level with a gain of over 2,700 points during intra-day trading on Thursday.
At 2:40pm, the benchmark index was hovering at 107,831.75, an increase of 2,727.42 points or 2.59%.
Buying was observed in key sectors including oil and gas exploration companies, OMCs, refinery, power generation, fertilizer and commercial banks. Index-heavy stocks including MARI, NRL, HUBCO, PSO, SNGPL, NBP, MEBL and MCB traded in the green.
Experts say the ongoing buying by local institutions, coupled with high trading volumes, reflects strong investor confidence, which is fuelled by expectations of declining interest rates in the upcoming Monetary Policy Committee (MPC) meeting.
The MPC is scheduled to meet on December 16, 2024.
On Wednesday, PSX maintained its bullish trend and hit new levels on the back of investors’ strong interest in expectations of further decrease in interest rates in the upcoming monetary policy meeting.
The benchmark index surged by 545.26 points and closed at its new highest-ever level of 105,104.34 points.
Internationally, Asian stocks face selling pressure from foreign investors for a second consecutive month in November amid worries over potential US tariff hikes on regional exports under the incoming Donald Trump administration next year.
Foreigners net withdrew $15.88 billion out of equity markets in Taiwan, South Korea, India, Thailand, Indonesia, Vietnam and the Philippines, following a net $15.38 billion worth of sales in the prior month, LSEG data showed. It was their largest monthly net selling since June 2022.
Last month, Trump pledged to impose significant tariffs on the United States’ three largest trading partners, including China, a move that could impact regional exports heavily reliant on strong supply chains with China.
This is an intra-day update
Source: Brecorder
