The Pakistan Stock Exchange (PSX) jumped by more than 700 points to hit an all-time high on Monday as the market avoided nascent calls for a technical correction, an analyst said.
The PSX’s benchmark KSE-100 index rose by 729 points to jump to 94,020 points during intra-day trading, up from the previous close of 93,291.68 points.
Raza Jafri, CEO at EFG Hermes Pakistan, told Geo.tv that the energy sector was contributing most to the index’s rise, complemented by a catch-up rise in some hitherto underperforming high beta stocks.
“So far, the market is defying nascent calls [for] a technical correction but it remains possible given the index’s rapid ascent this quarter,” the capital market expert said.
This is a developing story and is being updated with more details.
