The Pakistan Stock Exchange (PSX) has been in a bullish trend for several days, with the benchmark SE-100 index rising 961 points to hit a new all-time high.
According to the PSX website, the KSE-100 index rose 664 points or 0.74 percent to 90,859 at around 9:47 am.
Later, at around 12:50 PM, the index further improved by 961 points or 1.07 percent to 91,157, from the previous day’s close of 90,195 points.
It should be noted that the benchmark SE-100 index crossed the psychological level of 91,000 for the first time in history after increasing by more than 1,000 points.
However, this bullish trend could not be sustained and the business ended with an increase of 201 points or 0.22% at 90 thousand 195.
Topline Securities Chief Executive Muhammad Sohail noted that apart from better than expected corporate profits, the stock market continues to improve in view of the possibility of a major cut in interest rates in the next monetary policy meeting scheduled for November and December.
Owais Ashraf, director of research at AKD Securities, said that investor confidence has increased as a result of a possible cut in interest rates and strong corporate sector earnings.
Earlier, on October 25, the benchmark SE-100 index had crossed the psychological level of 90,000 for the first time in history after increasing by 1,110 points.
However, at the end of the business week, the index closed at the level of 89 thousand 994 with an increase of 1047 points without crossing the 90 thousand points mark by a difference of 6 points.
Mohammad Sohail, chief executive of Topline Securities, said that the stock market had performed well in recent history, and the index had risen from 38,000 to 90,000 points, a 137 percent increase in less than two years.
He said that such rapid growth was seen in 2010, when the market doubled in just 2 years after the global financial crisis.
