The Pakistan Stock Exchange is on a rising trend for the third consecutive day, today the benchmark KSE-100 index rose 602 points to cross the psychological level of 87 thousand for the first time in history.
According to the PSX website, the KSE-100 index rose 602 points or 0.7 percent to 87,68 at around 2:33 p.m.
However, this trend could not be sustained at the close of business and the index closed up 409 points or 0.48% at 86,466.
According to Business Recorder, brokerage house Topline Securities said that the reason for the bullish trend is buying by institutions and better corporate earnings.
Brokerage house Ismail Iqbal Securities said that due to a reduction in inflation and improvement in economic indicators, investors took advantage of opportunities to buy shares at the best price.
A day earlier (October 21), the KSE-100 index rose 807 points or 0.95 percent to 86,570.
Mohammad Sohail, Chief Executive Officer of Topline Securities, said that after the passage of the 26th Constitutional Amendment, political uncertainty has eased, resulting in a rally in the market.
Yusuf M Farooq, director of research at Chase Securities, said participants are hopeful that political uncertainty will ease and economic stability will continue.
It should be remembered that after the Senate, on October 21, the 26th Constitutional Amendment Bill was also approved by the National Assembly with a two-thirds majority.
In the session of the National Assembly, Prime Minister Nazir Tarar presented a motion to present the amendment, 225 members of the assembly voted for the approval of the motion while 12 members voted against it.
On October 16, the benchmark KSE-100 index in the Pakistan Stock Exchange reached a high of 86,205 points after increasing by 365 points.
