PSX Witnesses Bullish Trend As KSE-100 Crosses 72,000 Mark

The benchmark KSE-100 index gained 976.49 points, or 1.37%, to reach 72,335.89 points, up from the previous close of 71,359.41 points. 

PSX Witnesses Bullish Trend As KSE-100 Crosses 72,000 Mark

Early on Wednesday morning, trading on the Pakistan Stock Exchange (PSX) saw it surpass the 72,000 mark, marking a new milestone. 

The benchmark KSE-100 index increased by 976.49 points, or 1.37%, during intraday trading to close at 72,335.89 points, up from 71,359.41 points the previous day. 

"Stable macros, rate-cut expectations, and hopes for a new IMF (International Monetary Fund) program are driving the market," stated Samiullah Tariq, head of research at Pak-Kuwait Investment Company. 

A day earlier, traders said that stocks had finished slightly lower in mixed activity, with early gains fueled by a rise in the cement sector being wiped out by profit-taking in the middle part of the day. 

The KSE 100-share index closed at 71,359.41 points, down 74.06 points, or 0.10%.

According to analyst Ahsan Mehanti at Arif Habib, "stocks closed under pressure amid higher trades on weak global crude oil prices, reports over refinery shutdowns, and expectations over prudent SBP policy announcements next week ahead of new IMF loan talks next month." 

"Shanghai Electric Power’s withdrawal on the KE acquisition offer, uncertainty over Pakistan-US relations on Pakistan-Iran trade pacts, and weak rupee played a catalytic role in the negative close."