The Pakistan Stock Exchange (PSX) witnessed a remarkable surge today as the benchmark PSX 100 Index crossed the historic milestone of 86,000 points, reaching 86,107 points by gaining 443 points in early trading. This marks another significant achievement in the ongoing rally, signaling growing investor confidence and positive market momentum.
The market saw an impressive upward trend for the third consecutive trading day of the week, with the PSX climbing over 380 points, surpassing the 86,000-point barrier. The rally has been attributed to declining bond yields and rising optimism regarding a substantial reduction in inflation, according to a market report from brokerage firm Topline Securities. This positive sentiment has drawn increased buying interest, particularly in sectors such as oil and gas.
The surge comes on the heels of another milestone reached just a day earlier when the 100 Index crossed 85,423 points after a significant 513-point jump. The market continued to strengthen, with an intra-day increase of 807 points, bringing the index to 85,717 before settling at 85,663, reflecting a gain of 753 points by the end of the session.
This historic upward momentum in the PSX has been consistent in early October, with the index gaining over 5,000 points in just six trading sessions. Experts believe that the ongoing rally is underpinned by positive economic indicators, coupled with investor interest in key sectors, setting the stage for further growth in the days ahead.
As the PSX continues to break new records, market participants remain optimistic about sustained positive market sentiment, driven by a combination of improving economic fundamentals and sector-specific buying activities.
Fahad is an entrepreneur and a marketing enthusiast who loves to write on trending topics. He loves travelling & playing tennis is what he does in his leisure time. He tweets @fahad164.
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