The Pakistan Stock Exchange (PSX) continued its upward momentum on Wednesday, with the benchmark KSE-100 index hitting another record high.
Market opened with a dip of 121 points, pulling the index down to 156,411 points. However, bullish sentiment soon returned, lifting the index by 456 points to a fresh peak of 157,028 points during intra-day trading.
The rally persisted as the index climbed by 465 and later 675 points, reaching new all-time highs of 157,238 and 157,349 points, respectively.
Market analysts attributed the sustained momentum to strong investor confidence, which has kept the bourse on a record-breaking streak since last week.
Read: PSX extends winning streak, hits record
Earlier on Tuesday, PSX saw no signs of a slowdown in its bullish run as investors continued to accumulate equities while taking cues from stellar corporate earnings and an upbeat market outlook.
The benchmark KSE-100 index surged to a fresh all-time high of 156,563.53, higher by 476.22 points, or 0.31%, compared to the previous day’s close.
Following a plunge to the intra-day low of 155,044.26 earlier in the day, the index recovered rapidly and touched the day’s high at 157,088.81.
Thereafter, the market stayed in the positive zone for the rest of day, finishing the session with modest gains of slightly less than 500 points.
KTrade Securities commented that the PSX maintained its momentum as the benchmark index rose 476 points to close at 156,564. Investor sentiment remained positive, largely driven by impressive performances in fertiliser and banking sectors, it said.
Major contributors to the rally were Engro Holdings, Fauji Fertiliser, Meezan Bank, Mari Energies, Engro Fertilisers and National Bank. KTrade noted that the bourse stayed resilient in the wake of investor trust in Pakistan’s long-term economic outlook, supported by improving fundamentals and sector-specific strength.
Topline Securities noted that the momentum remained strong in Tuesday’s trading session, where the market continued its upward trajectory.
Leading the gainers, Engro Holdings, Fauji Fertiliser, Meezan Bank, Mari Energies and Engro Fertilisers collectively added 886 points to the index, it said.
During the day, shares of 478 companies were traded. Of these, 154 stocks closed higher, 291 lost ground and 33 stood unchanged.