Islamabad, Dec 16: The Pakistan Stock Exchange (PSX) commenced the week on a bullish note, with the KSE-100 index briefly surpassing 115,900 points, setting a historic high for the market. During intra-day trading, the index surged by 1,700 points, reaching a peak of 116,015.28 points, before stabilizing at 115,900 points, reflecting a 1.25% increase.
This rally follows consistent gains over recent weeks, with the PSX achieving a 4.8% increase last week, closing at a record 114,302 points. The average daily traded value reached an unprecedented Rs60 billion, contributing to a year-to-date return of 83%.
Key Drivers:
- Anticipated interest rate cuts in the upcoming monetary policy meeting.
- Economic growth indicators, including a 29% YoY rise in remittances to $2.9 billion in November.
- Declining yields in T-bill auctions.
- Strong performance in the oil and gas, fertiliser, and technology sectors.
Stocks like Mari Petroleum and Fauji Fertiliser Company (FFC) led the charge. Despite foreign outflows of $0.9 million, local fund buying and improved investor sentiment bolstered the market. PSX continues to lead globally in US dollar returns for the second consecutive week.
