Stocks extended their winning streak on Friday, crossing 95,000 mark to hit a new all-time intraday high, as upbeat developments, including the unlikelihood of an International Monetary Fund (IMF)-dictated mini-budget, fuelled a strong risk-on rally.
During the early intraday trade, the Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Shares Index soared to a record high of 95,278.26 points, reflecting a 1,086.37-point or 1.15% increase from the previous close of 94,191.89 points.
The market’s upward momentum underscores a growing wave of investor confidence fueled by encouraging economic indicators.
Reacting to the bull run, Ahsan Mehanti, Managing Director & CEO at Arif Habib Commodities, said stocks reached a new all-time high amid receding fears over mini-budget and Islamabad High Court (IHC) relief on banking sector tax levies.
“Falling bank lending rates and rupee stability contributed to the ongoing rally at the capital market,” Mehanti added.
Central bank-held foreign exchange reserves reached a more than two-year high of $11.26 billion as of November 8, while the rupee also rose for the second straight day on Thursday as exporters’ dollar sales and remittances exceeded importers’ demand.
