PSX surpasses 166,000 points to hit new high

Pakistan Stock Exchange (PSX) achieved another milestone on Tuesday, crossing 166,000 points for the first time in history.

The hundred index surged to an intraday peak of 166,556.29, marking a gain of 2,708.61 points or 1.65 per cent, while its lowest level of the day was 164,208.33, still up by 360.65 points or 0.22pc.

The continued upward trend in the stock exchange reflected the increasing confidence of the trade and business community in the economic policies of the government.

“Strong corporate results and additional liquidity in the market, with a preference for equities, are pushing the market higher, Samiullah Tariq, head of research and development at Pak Kuwait Investment Company Ltd, told Brackly News.com.

This was the third consecutive record-setting streak, with the benchmark KSE 100 index soaring to an all-time high of 163,847 points, up 1,590 points or 0.98pc on Monday. The rally, which pushed the index closer to the 164,000 mark, was largely driven by aggressive local mutual fund buying and institutional inflows.

More to follow.