Stocks soar past 114,000 points on another cheerful day
Business
The streak of surge continues for more than a month now amid a rosy economic picture
KARACHI (Dunya News) – The Pakistan Stock Exchange (PSX) on Thursday attained another high by soaring past 114,000 points in early hours of trading.
The streak of surge continues for more than a month now amid a rosy economic picture.
The stocks gained strength on the 12th consecutive day highlighting improvement in country’s economy.
Thursday’s trade saw figure jump to 113,374 points with a gain of hefty 2,500 points. Later in the day, the KSE-100 index surpassed 114,000 points and eventually closed at 114,180 with a gain of 3,370 points.
Stocks closed at 111,810 on Wednesday.
A few days ago the market witnessed sudden bearish rally but it was short-lived as bullish momentum returned with the benchmark KSE-100 Index hovering around 111,000 points after gaining more than 2,000 points. It was against previous day’s close of 108,896 points.
ECONOMY ON THE SURGE
With the cash injection in the form of International Monetary Fund’s loan disbursement and further talks on climate funding, the proverbial bulls have been galloping for the last more than a month.
Another reason for the current market sentiment is SBP’s upcoming meeting on policy rate cut. The Central Bank’s Monetary Policy Committee is expected to meet on Dec 16.
On Nov 30 last, the Pakistan Stock Exchange (PSX) attained the historic high of 100,000 points on the heels of unprecedented streak of surge in the last one month or so.
Also read: Spring-heeled stocks soar past 111,000 points
The Pakistan Stock Exchange (PSX) on Tuesday continued its momentum by soaring past 111,000 points amid a rosy economic picture.
