The bullish wave continued at the Pakistan Stock Exchange (PSX) on Thursday as its key benchmark index ended at a new record high, settling at 68,416.78 after a gain of over 660 points.
The KSE-100 traded in green all day while volume and value of shares also increased compared to the previous session.
At close, the KSE-100 index settled at 68,416.78 level, an increase of 660.75 points or 0.98%. It hit an intra-day high of 68,439.37.
Fresh buying was led by index-heavy energy sectors with Engro, OGDC, PPL, SHEL, PSO, and NBP settling in the green.
On Wednesday, cement and steel sectors had led the rally at the bourse as the benchmark ended at 67,756 after a gain of nearly 900 points.
Globally, Asian shares rallied on Thursday as US rate cuts remained on the menu, even if their timing was unclear, while the yen slid against everything except the dollar and boosted Japanese stocks.
There was also action in commodities as gold reached another record, oil a five-month peak and copper a 13-month top, helping lift shares in basic materials and energy companies.
Some of these gains were due to supply disruptions and geopolitical tensions, but they also reflect optimism about global growth given a recovery in recent factory surveys (PMI), particularly for China.
Meanwhile, the Pakistani rupee remained largely stable against the US dollar in the inter-bank market on Thursday. The local unit settled at 277.93 at close, down by Re0.01 against the greenback, as per the State Bank of Pakistan (SBP).
Volume on the all-share index marginally increased to 388.75 million from 361.82 million a session ago.
The value of shares increased significantly to Rs17.9 billion from Rs11.9 billion in the previous session.
PIAC was the volume leader with 47.2 million shares, followed by Cnergyico PK with 29.72 million shares, and Pak Petroleum with 21.17 million shares.
Shares of 334 companies were traded on Thursday, of which 204 registered an increase, 108 recorded a fall, while 22 remained unchanged.
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