ISLAMABAD: The share prices at the Pakistan Stock Exchange (PSX) climbed rapidly on Monday amid brisk buying ahead of Eidul Fitr, taking the index to a historic high of 69,000.
By 11:00 am, the benchmark KSE-100 index smashed through the record book tossing it to 69,020.37, up by 603.59 points.
Buying was led by the index-heavy energy sector, with stocks of companies including OGDC, PPL, PSO, SSGC, and SNGPL traded in the green.
Experts attributed the rally to a decrease in inflation numbers, which clocked in at 20.68% YoY for March 2024, turning real interest rates positive for the first time in 38 months, raising hopes for a policy rate cut by the State Bank of Pakistan (SBP).
Furthermore, foreign investors and institutions injected additional liquidity through buying, supporting the stock market’s momentum.
During the previous week, the stock exchange had witnessed a bullish trend on the back of healthy buying by both foreign and local investors coupled with institutional support.
The benchmark KSE-100 index had surged by 1,274.66 points on week-on-week basis, to close at 68,416.78 points. – NNI