Karachi-(Special Correspondent/Web Desk)-The Pakistan Stock Exchange (PSX) witnessed a historic rally on Wednesday as bullish momentum pushed the benchmark index past the 187,000-point mark for the first time ever,
By 2:30 pm, the benchmark index surged more than 1,900 points, crossing 187,000 with a gain of 0.92 percent. However, some profit-taking toward the close trimmed gains, and the index settled at 186,518.71 points, up 1,456.61 points or 0.78 percent for the day.
Market activity remained strong, with 563 companies trading shares. Of these, 299 stocks advanced, 161 declined, while 103 remained unchanged.
The rally was largely driven by expectations of a further cut in the policy interest rate at the upcoming Monetary Policy Committee (MPC) meeting scheduled later this month.
PSX hits record high of 176,000 points on New Year’s day
Strong buying interest was seen across major sectors, including automobile assemblers, cement, commercial banks, fertiliser, oil and gas exploration, OMCs, power generation, and refineries. Heavyweight stocks such as HUBCO, MARI, POL, PPL, PSO, SSGC, WAFI, HBL, MEBL, NBP, and MCB all closed in positive territory, contributing significantly to the index’s record-breaking performance.
On Tuesday, United Bank Limited (UBL) emerged as the largest listed company in Pakistan, with its market capitalisation reaching Rs1.28 trillion (US$4.6 billion), overtaking Oil and Gas Development Company (OGDC).
On Tuesday, the index closed on a strong footing as sustained institutional buying pushed the benchmark index to a fresh all-time high, amid robust volumes. The benchmark KSE-100 Index surged by 2,653 points, or 1.45%, to close at a record 185,062 points.
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