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Market Soars to Historic High, Surpassing 68,000 Points

Market Soars to Historic High, Surpassing 68,000 Points

The Pakistan Stock Exchange (PSX) continued its record-setting rally on Thursday, surging above the 68,000-point mark. Investor interest in pharmaceutical stocks, following a court verdict in favor of the industry, coupled with a positive corporate earnings outlook, contributed to the bullish momentum.

The trading session began with a spike, although the index briefly dipped to an intra-day low before rebounding and consistently rising throughout the day. The court’s decision to lift a stay order against the deregulation of maximum retail prices for the pharmaceutical industry boosted investor confidence.

Also Read: Cement Sector Sends PSX to Record Highs

Additionally, news of Saudi Arabia’s intention to invest up to $1 billion in the Reko Diq copper and gold project further fueled optimism in the market. At the close of trading, the benchmark KSE-100 index recorded a significant increase of over 650 points, settling at a new all-time high of 68,416.78.

Investor confidence was supported by expectations of policy easing by the State Bank of Pakistan, a potential deal with Saudi Arabia, and surging global crude oil prices. Positive contributions to the index came from various sectors, including banking, oil and gas, and technology. The Lahore High Court’s decision in favor of the pharmaceutical industry led to a surge in pharmaceutical stocks, with multiple companies in the sector closing at their respective upper limits.

Looking ahead, investors are advised to view dips as opportunities to accumulate value stocks. Overall trading volumes increased, with foreign investors also net buyers of shares worth Rs296.9 million. The market’s performance reflects growing optimism and investor confidence, driven by favorable economic developments and corporate earnings outlook.