PSX sails to new high, crosses 59,000 points during intraday trade

On Friday, the Pakistan Stock Exchange (PSX) marked a significant moment as the KSE-100 index surged past the 59,000-point threshold during intraday trading, setting a new record in its history. According to data from the PSX website, the benchmark index reached 59,397.44 points at 10:24 am, reflecting a gain of 497.60 points or 0.84% compared to the previous day's closing at 58,899.84 points.

Raza Jafri, Head of Equities at Intermarket Securities, attributed the ongoing bullish trend to the government's robust economic focus and effective risk management. He noted that despite the rally, valuations remained attractive, with foreign buying resuming as a key driver of the market's upward trajectory.

Analyst Ahsan Mehanti highlighted the positive economic outlook, a reduced current account deficit, and government initiatives to address the power sector circular debt as factors contributing to the KSE-100's performance. He cited surging exports, ongoing rupee recovery, expectations of declining interest rates, and improved foreign exchange reserves after the disbursement of the International Monetary Fund’s (IMF) next tranche as catalysts for the record-breaking close.

Ali Najib, an analyst at Topline Securities, characterized the equities market's recent performance as an "unstoppable bull run," with the benchmark index gaining over 1%. The achievement of crossing the 59,000-point milestone was seen as a testament to the positive sentiment and investor confidence in Pakistan's economic trajectory.