With investors showing a keen interest in rate-sensitive industries and anticipating a significant easing of monetary policy in the central bank’s next meeting because of a generally positive economic outlook, stocks on Thursday hit an intraday high of more than 89,000 points.
The benchmark KSE-100 index of the PSX jumped 1,246.81 points, or 1.74%, from its previous closing of 87,194.53 points to hit 89,100 points at 02:04 pm.
Investors focused on high-performing industries like automakers, cement, commercial banks, oil and gas exploration, oil marketing, and power generation as the first-quarter (1QFY25) corporate results poured in.
“The PSX has been rising since the International Monetary Fund’s (IMF) $7 billion loan under Extended Fund was approved,” Saad Ali, Director of Research at Intermarket Securities, told television.
