It is yet another miraculous trading day that has witnessed the Pakistan Stock Exchange at a record 91,000 points and over in the KSE-100 index. It had occurred at the opening of the business week while the market was sustaining the same momentum as that of the previous session in which it had closed short of 90,000 points. This had pushed the bar even higher due to the anticipation of interest rates cuts during monetary policy sessions to be held in November and December along with better corporate profits.

By 10:10 AM today, the KSE-100 index had surged with an addition of 738 points, or an increase of 0.82%, at 90,732 points. However, the rally continued throughout the day and, as of 12:09 PM, it had registered an increase of 1,006 points, or 1.12%. This was its first move above the psychological level of 91,000.

According to Topline Securities’ CEO Muhammad Sohail, corporate earnings are coming in well and rate cuts are also expected, fueling the market’s bull run. The financial scenario is quite positive as falling inflation rates and economic growth indicate good times ahead. Meanwhile, AKD Securities’ Director of Research Ovais Ashraf said potential rate cuts and robust performance of the corporate sector are primary reasons why investors are upbeat.

Just last week, on October 25, the KSE-100 index had breached the 90,000 barrier when it gained 1,110 points in one sitting. But by the week-end, the index had not been able to hold this level and had closed at 89,994 points. This fresh spurt of rally does underscore the phenomenal growth curve followed by Pakistan Stock Exchange, when the index rose from 38,000 to 90,000 points within less than two years, gaining a whopping 137%. According to Sohail, this is the first time the world has witnessed such rapid growth in the stock markets since 2010 after the global financial crash, when the market had doubled in two years by a 100%.

Prime Minister Shehbaz Sharif also greeted the nation, praising economic team’s efforts that witnessed a decrease in inflation to 6.9% from its peak of 38%. He said investor confidence lay behind the strong stock market performance, recording an enormous improvement in economic stability.

The recent rally in the Pakistan Stock Exchange PSX is one of the best indicator trends being witnessed in the financial sector of Pakistan, wherein the optimism of investors is restored and the resilience of the corporate sector stands restored in the hands of the central bank at the forthcoming monetary policy meeting.

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