ISLAMABAD: The Pakistan Stock Exchange (PSX) continued its record-breaking intent as the KSE-100 Index, after crossing the historic high of 58,000 mark on Wednesday, crossed another milestone while surpassing 59,000 points, again for the first time in history. On Friday, during the middle session, the index even crossed the 59,500 mark; however, at close, the market settled at 59,086 with a gain of 186.5 points.
On Wednesday, the index witnessed a major leap while gaining 827 points, followed by another jump of 710 points on Thursday.
Meanwhile, during the last session on Friday, profit-taking was witnessed that not only brought down the index a bit but it is expected the start of the next week may observe some bearish trend due to the correction process as the market went up to an extremely high level.
On Friday, buying was witnessed, particularly in the first session, in the heavy sectors, including automobile assemblers, chemical, commercial banks, cement, oil and gas exploration companies, etc, whereas these entities remained in the green zone with a deep interest from the investors.
Bullish Trend at Pakistan Stock Exchange
During the last couple of weeks, the Pakistan Stock Exchange witnessed a remarkable bullish trend except for a single bearish trend last Friday (due to profit-taking).
Experts believe the recent bullish trend made the KSE-100 index as the top performer in Asia, where the index went up more than 7,000 points in just a couple of weeks. In addition, the volume of trade also increased to a significant level.
In addition, the last three days witnessed three consecutive all-time highs at PSX. On Wednesday, the 100 Index crossed the 58,000 level for the first time in history. On Thursday, the index reached a new historic high and reached near the 59,000 mark, whereas on Friday, it crossed the fifty-nine thousand benchmark.
According to the experts, the continued upward and positive sentiments in the market were due to the recent agreement between Pakistan and the International Monetary Fund (IMF) to reach a staff-level agreement on the first review for 9-month Stand-By Arrangement (SBA) of $3bn. Other contributors included a positive trajectory of foreign exchange reserves, a possible decline in the interest rates in the near future, etc.
