ISLAMABAD, (TDI): The Pakistan Stock Exchange (PSX) experienced a strong rally on Thursday, with the benchmark KSE-100 Index surging by over 1,300 points during intraday trading.
By 1:15 pm, the index had gained 1,724.07 points, or 1.8 percent, reaching 97,270.52 points for the first time in history.
Notable buying activity was observed in sectors such as automobile assemblers, commercial banks, fertilizers, pharmaceuticals, and refineries. Shares of companies like NRL, Hascol, PSO, EFERT, HBL, and NBP saw positive movement.
Experts suggest that the rally was driven by reduced investor concerns over the political protest scheduled for November 24.
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In recent weeks, the stock market has been on an upward trajectory, supported by positive macroeconomic indicators and expectations of further cuts in key policy rates.
On Wednesday, the benchmark KSE-100 Index had closed lower, down 310 points at 95,546.45.
Meanwhile, Asian markets saw a decline on Thursday as the dollar strengthened and bitcoin hit a record high, driven by policies proposed by US President-elect Donald Trump.
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Safe-haven assets, including gold and government bonds, rose amid growing geopolitical concerns following the escalating conflict in Ukraine.
Attention now turns to earnings reports from Nvidia, the world’s most valuable firm, which has forecast its slowest revenue growth in seven quarters, causing a dip in its shares.
Nasdaq futures fell 0.47 percent, while S&P 500 futures declined by 0.3 percent.
