The Pakistan Stock Exchange (PSX) experienced profit-taking in the afternoon on Wednesday after a historic bull run earlier in the day. The KSE-100 index surged by 847.17 points (0.88%) to 96,703.83 in the morning but later dropped by 59.51 points, reaching 95,797.15 by 2:09 pm.
Yousuf M. Farooq, director at Chase Securities, attributed the early gains to strong interest in retail-driven stocks, especially K-Electric and Kohinoor Spinning Mills. He also mentioned that improving macroeconomic conditions helped drive the rally, though political instability and other risks could hinder its momentum.
Farooq noted that steel stocks, like Aisha Steel Mills, gained attention after positive sales projections. He also highlighted the significant rise in stock market accounts in Pakistan, with over 10,000 new accounts opened in October.
Mohammed Sohail, CEO of Topline Securities, linked the initial bull run to continued buying by local mutual funds. Additionally, news about TRG Pakistan’s deal with IBEX Limited boosted market sentiment.
