PSX hits record high as KSE-100 Index crosses 94,000
The Pakistan Stock Exchange (PSX) continued its strong performance as the KSE-100 Index crossed the 94,000 mark during intra-day trading on Monday, marking a historic milestone. By 12:50 pm, the benchmark index was at 93,822.77 points, gaining 531.09 points, or 0.57%, with an intra-day peak of 94,020.02.
Strong buying activity was noted in major energy and banking stocks, with shares of MEBL, MCB, KE, OGDC, PPL, PSO, and PRL showing gains. Experts attribute this momentum to key positive economic factors, including the State Bank of Pakistan’s recent 250 basis points rate cut, reducing the policy rate to 15%.
Additionally, Pakistan’s market weight in the MSCI Frontier Markets (FM) index rose to 4.4% in the latest MSCI review, making it the second most liquid market in the index. Remittance inflows of $3.1 billion in October 2024 further supported the economic outlook.
The PSX has seen a bullish trend recently, driven by local investor confidence and institutional support. Last week, the KSE-100 Index surged by 2,431.83 points, closing above the 93,000 level for the first time at a record high of 93,291.68 points.
