KARACHI (Dunya News) – Pakistan Stock Exchange (PSX) set a new record as it crossed 55,000 barrier after a 1,000 points hike for the first time in the country's history on Friday morning
A post on the PSX website said the KSE-100 index climbed by 800 points or 1.51 percent from the previous close of 54,261.42 by 10am. Two hours later, the index rose by another 300 points to see a cumulative increase of 1,102.69. The trade volume at the time was 55,364.11.
At the start of trading on last day of the current business week, the market extended gains as investors continued to put money on stakes “due to positive economic indications”.
Meanwhile, in a post on X, formerly Twitter, Arif Habib Limited noted that the index was trading at an “all-time high”.
KSE100 crossed 55k level trading at all time high KSE-100 index went up by 841 points (55,102 pts, +1.55%, on intraday basis) DoD ; crossing 55k level.@Pakstockexgltd#KSE100 #PSX #Equities #Pakistan pic.twitter.com/fipHcVda5d
— Arif Habib Limited (@ArifHabibLtd) November 10, 2023On the other hand, FRIM Ventures Chief Investment Officer Shahbaz Ashraf said that the technical reason [for the market gains] is that State Life is the main market buyer. I think majorly, the market is trading at very attractive valuations.”