PSX gains over 2,000 points to reach new record high of 78,802

The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index surged nearly 2,100 points, setting a new record high of 78,802 during the first trading session post-Eid holidays on Thursday.

At the close of the session, the KSE-100 Index settled at 78,801.53, marking an increase of 2,094.76 points, or 2.73 per cent. According to brokerage house Topline Securities, this represents the fourth-largest single-day increase in the history of the KSE-100 Index.

The stock market was closed from June 17 to June 19, 2024, in observance of the Eid-ul-Adha holidays. Upon reopening, there was notable buying activity in key sectors, including automobile assemblers, commercial banks, fertilizers, oil and gas exploration companies, oil marketing companies (OMCs), and refineries.

Index-heavy stocks such as OGDC, POL, SHEL, SNGPL, MEBL, and HBL traded positively. However, the banking sector made the most significant contribution to the benchmark’s gains.

In the preceding week, the PSX also experienced a bullish trend, hitting record highs after the government maintained the current tax regime for the capital markets. The benchmark KSE-100 Index rose by 2,952.75 points on a week-on-week basis, closing at a then-high of 76,706.77.