The KSE-100 index experienced a surge in volume, reaching a peak of 50,017.45 at 11:23 am, only to taper off to 49,787.57 two hours later.
Brokerage firm Arif Habib highlighted in a post on X (formerly Twitter) that the index showed a gain of “286 points (50,017 pts, or up 0.58%, on an intraday basis) Day over Day (DoD). This marks the first time in approximately six years that the index has crossed the 50,000 level, the last occurrence being on June 07, 2017.”
KSE100 crossed 50k level, six year high level
KSE-100 index went up by 286 points (50,017 pts, +0.58%, on intraday basis) DoD ; the 50k level crossed after ~ six years (last seen on June 07, 2017).@Pakstockexgltd#KSE100 #PSX #Equities #Pakistan pic.twitter.com/ZqUbvptRZ2
— Arif Habib Limited (@ArifHabibLtd) October 17, 2023
Raza Jafri, the head of equities at Intermarket Securities, noted that investors are closely monitoring the government’s strong focus on economic development and the recent strengthening of the Pakistani rupee. These factors have generated expectations that interest rates may have reached their peak.
Jafri added, “While there may be instances of profit-taking due to the rapid rally, a successful IMF review could propel the KSE-100 towards a new all-time high.”