Pakistan stocks close at 150,591 record high points on corporate earnings, institutional buying
ISLAMABAD: The Pakistan Stock Exchange (PSX) closed at a record high of 150,591 points on Wednesday, with a leading brokerage firm attributing the surge to strong corporate earnings and institutional buying.
The bullish trend at the stock market picked up from Tuesday, when the benchmark KSE-100 Index ended the session at 149,771 points. Analysts said the surge was driven by strong institutional inflows, which powered gains in the banking and cement shares.
The bulls showed no signs of fatigue despite the floods on Wednesday, notching an intraday record high of 1,490 points before settling at 150,591 when trading ended, up by 820 points or 0.55 percent from the previous day’s close.
“The upward momentum was underpinned by better-than-expected corporate earnings and a strong liquidity push from local institutions, lifting the benchmark to uncharted heights,” Karachi-based brokerage firm Topline Securities said in a statement.
