KARACHI: Bulls dominated the Pakistan Stock Exchange (PSX) on Thursday as the market gained more than 1,400 points during the intraday trade.
PSX’s benchmark KSE-100 shares index gained 1,466.26 points or 1.82% to reach 81,927.59 points as compared to Wednesday’s close of 80,461.33 points.
At one point, the stocks touched an all-time high of 82,000.89 points around 11:45am.
Samiullah Tariq, the head of research at Pak-Kuwait Investment Company, attributed the gain to a reduction in fear from foreign selling and expectations of further interest rate cuts.
Tariq said that the expectations of rate cuts are “emanating from yesterday’s rejection of t-bill auctions along with a cut in rate by the federal reserve”.
EFG Hermes Pakistan CEO, Raza Jafferi, while speaking to Geo.tv, said: “The current account delivering a surplus in August, together with expectations of more interest rate cuts in coming monetary policies, is pulling domestic liquidity into equities and driving the KSE-100 higher.”
