KARACHI: A massive buying rush was seen at the Pakistan Stock Exchange (PSX), with the index topping 168,000 level for the first time in history, amid a gain of nearly 3,000 points on Thursday,
At the close of business, the PSX’s benchmark KSE-100 index soared by 2,849.29 points or 1.69 percent to 168,489.62. During trading, the KSE-100 hit an intra-day high of 168,619.32.
In total, 489 companies traded their shares today, of which 239 recorded gains, 227 lost value while 23 remained unchanged.
Buying rush was observed in key sectors, including automobile assemblers, commercial banks, oil and gas exploration companies and OMCs. Index-heavy stocks, including MARI, POL, SNGPL, SSGC, HBL and UBL, traded in the green.
Analysts remarked that equities have increasingly emerged as the preferred investment avenue for local investors. Investors are preferring equities as an asset class due to lack of returns from other asset classes and taxation incentives, they added.
In a major corporate development, Gillette Pakistan Limited announced that its parent company, Procter & Gamble (P&G), will discontinue its business operations in Pakistan as part of a global restructuring plan.
Meanwhile, Finance Minister Senator Muhammad Aurangzeb, in an address on Thursday, said that Pakistan is well-positioned to repay a $1.3 billion Eurobond maturing in April next year.
On Wednesday, PSX had closed on a mixed yet steady note as volatile intraday movements kept investors cautious. The benchmark KSE-100 Index settled at 165,640.34 points, gaining 146.75 points or 0.09%.
