Pakistan Stock Exchange (PSX) reached a significant milestone on Friday, with the KSE-100 index soaring past the 90,000-point mark during intra-day trading.
At 11:58 am, the index was recorded at 90,087.41 points, a 1.25% rise from the previous day’s closing of 88,945.98.
Mohammed Sohail, CEO of Topline Securities, highlighted that this achievement came as part of a remarkable 125% gain in just 18 months.
The PSX had shown strong upward momentum throughout the week, crossing the 89,000-point threshold on Thursday.
Market analysts anticipate that the State Bank of Pakistan (SBP) may lower its policy rate by 200 basis points in the upcoming meeting on November 4, marking the fourth consecutive rate reduction since June.
In a report from Topline Securities, it was noted that bullish market sentiment pushed the KSE-100 index to a record high of 89,126, an increase of 1,931 points, or 2.22%, before closing at 88,946, up by 2.01%. This optimism was driven by expectations of significant policy rate cuts, which led to increased stock buying and a shift from fixed-income portfolios to equities.