PSX gains nearly 1%, crosses 67,000
Buying spree continued at the Pakistan Stock Exchange (PSX) as the benchmark KSE-100 crossed the coveted 67,000 level during the opening hours of trading on Thursday.
At 11:00am, the benchmark index was hovering at 67,187.00, an increase of 639.22 points or 0.96%.
Foreign and local institutions buying amid positive news on privatisation and International Monetary Fund (IMF) driving the rally, said Mohammed Sohail, CEO Topline Securities, in a note on Thursday.
Buying was witnessed in index-heavy sectors including automobile assemblers, commercial banks, cement, chemical, oil and gas exploration companies, OMCs and refinery.
Index-heavy stocks including Lucky Cement, OGDC, PPL, SNGPL, PSO, SHEL, and SSGC were trading in the green.
In a key development, the board of the newly established PIA Holding Company endorsed the Scheme of Arrangement delineating the pathway for the privatisation of Pakistan International Airlines.
The inaugural board meeting, convened at the Secretary Aviation’s Office in Islamabad, marked the official commencement of the company’s operations. Formally endorsed by the Federal Cabinet on March 20, 2024, the government appointed its Board of Directors on March 26, 2024.
On Wednesday, bullish momentum had also persisted at the bourse as the benchmark KSE-100 Index crossed the 66,500 level, closing at a new record high of 66,547.78 with a jump of nearly 1%.
