KARACHI:

Continuing its record-eclipsing streak, the Pakistan Stock Exchange (PSX) surged to a new peak on Wednesday as a positive economic outlook and reduction in external debt-fuelled investors’ interest in specific sectors.

Although the KSE-100 index had a sluggish start in the morning when it hit the intra-day low at 63,188.71 points, it gradually moved upwards throughout the day. The index eventually climbed to the intra-day high of 64,038.83 points in its final trading hours, crossing the 64,000 mark and touching a new record.

Anticipation of a current account surplus in November 2023, rising dollar inflows, and Pakistani rupee stability helped the market reach a new peak. Moreover, the uptrend was attributed to solid buying across the board, with notable contributions from the tech, exploration and production (E&P) and banking sectors.

While the market could not sustain the 64,000 level, it closed the day near that mark.