KSE-100 hits new peak, crosses 68,000 for the first time

The bullish momentum persisted at the Pakistan Stock Exchange (PSX) as its primary benchmark index surged to unprecedented heights, surpassing the 68,000 level for the first time ever during Thursday's trading session.

By 10:50am, the KSE-100 index had reached 68,133.47, marking a notable increase of 377.44 points or 0.56%. Earlier in the session, it had peaked at 68,362.35.

The surge in trading activity was driven by fresh investments, particularly in the energy sector, with prominent companies like Engro, OGDC, PPL, SHEL, PSO, and NBP witnessing positive movements. Cement and steel sectors had led the rally the previous day, with the benchmark index closing at 67,756 after a significant gain of nearly 900 points.

Internationally, Asian markets experienced a surge on Thursday amidst ongoing speculation about potential US interest rate cuts, even though their timing remained uncertain. This sentiment, coupled with the yen's decline against major currencies except the dollar, boosted Japanese stocks.

Commodity markets also saw notable activity, with gold reaching new record highs, oil hitting a five-month peak, and copper reaching its highest levels in 13 months. This upward trend contributed to gains in shares of basic materials and energy companies.

While some of these gains were attributed to supply disruptions and geopolitical tensions, there was also optimism surrounding global growth, particularly with the recovery observed in recent factory surveys, notably for China's Purchasing Managers' Index (PMI).