Bullish sentiment prevailed at the Pakistan Stock Exchange (PSX), as the benchmark KSE-100 Index gained over 400 points during trading on Tuesday.
Earlier during the day, the benchmark index crossed the 52,000 level after over six years before succumbing to profit-taking.
At 2:50pm, the index was hovering at 51,893.66 level, an increase of 410.74 or 0.8%.
“The index crossed 52,000 level after 30 May 2017,” said brokerage house Arif Habib Limited in a note earlier in the day.
Experts said investors rejoiced over improved corporate profitability, and the government’s decision to raise gas tariffs, which is expected to boost the profitability of the energy sector.
Across-the-board buying was witnessed among the index-heavy sectors including automobile assemblers, commercial banks, oil and gas exploration companies, OMCs, refinery and technology & communication sectors trading in green.
On Monday, the KSE-100 Index had soared by over 1% to settle at 51,482.93, up by 539.09 points.
On the same day, the federal government approved an increase in the price of natural gas for different categories of consumers as advised by the Oil and Gas Regulatory Authority with effect from November 1, 2023.
Additionally, the SBP’s Monetary Policy Committee kept the key policy rate unchanged at 22%.
This is an intra-day update
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