PSX shatters records, surpasses 97,000 points for first time

The Pakistan Stock Exchange has surpassed the 97,000 points for the first time, shrugging off political uncertainty arising from the PTI’s “do-or-die” long march call march for November 24.

The KSE-100 Shares Index jumped by 1,744.77 points, or 1.83  per cent, to reach 97,291.22 during the intraday trading today.

Arif Habib Commodities CEO and Managing Director Ahsan Mehanti highlighting the factors driving the latest record surge said that the stocks bullish led by scrips across the board.

He further said that the investors weigh drop in government bond yields and robust economic data for current account surplus, remittances, exports, and foreign direct investment.

Mehanti added that surging foreign exchange reserves and speculations over government decisions on economic reforms and privatisation played a key role in the record surge.

The government has generated Rs350 billion through the Pakistan Investment Bonds (PIBs) auction with yields on five-year and 10-year papers falling to their lowest levels since March 2022.

In a note, Arif Habib Limited said that the State Bank of Pakistan received bids worth Rs893 billion, against a target of Rs300 billion.

The cut-off yield for the two-year zero-coupon bond reduced 19 basis points (bps) to 13.0 per cent.

The cut-off yield, meanwhile, for the three-year bond remained unchanged at 12.5 per cent.