Bulls toss KSE-100 index above historic 60,000 mark

• Index has increased by 648 points today.
• Overall trading numbers reach 60,460 points.
• Index had gained 1.23% to close at 59,811.34 on Monday.

The bullish trend continued at the Pakistan Stock Exchange (PSX) as traders cashed in on the index rising by 405 points which has now crossed the 60,000 mark on Tuesday.

In November alone, the KSE-100 index has hiked by more than 8,000 points.

At 10:19am, the benchmark KSE-100 index was at 60,460 points up by 648 points compared to yesterday’s closing of 59,811.

Muhammad Saad Ali, a capital market expert, said that KSE100 has risen 48% since June.

Commenting on the recent positive rally, he said: “Recently the rally has extended after the IMF positive review, good macro data reinforcing market outlook for rate cuts in Dec MPC while global oil prices are under pressure and PKR-USD has stabilised.”

The market also rallied positively on Monday as stocks continued their record-breaking run with the benchmark index closing just shy of the 60,000-point mark.

The PSX index obtained 725 points or 1.23% to close at 59,811.34. Analysts said the equities market has been thriving since the successful first review with the International Monetary Fund (IMF), which will lead to the release of the next loan tranche.

On Monday, the index traded in a range of 896.77 points, with an intraday high of 59,896.08 (+809.73) and a low of 58,999.31 (-87.04) points. The total volume of the KSE-100 Index was 276.858 million shares.

More to follow…