PSX reaches new intraday peak of 138,000 points

The Pakistan Stock Exchange (PSX) on Thursday continued its renewed bullish momentum as it crossed the 138,000 points during intraday trade. The benchmark KSE-100 index rose by 1,785.25 points, or 1.31 per cent, to stand at 138,165.21 points at 11:57am, from the previous close of 136,379.96 points. Awais Ashraf, research director at AKD Securities, said: “Investor optimism over a potential rate cut in the upcoming monetary policy, expected later this month, has strengthened following a decline in yields during yesterday’s PIBs (Pakistan Investment Bond) auction. “A stable external account and easing inflation further support the case for bringing interest rates down into single digits,” he told Dawn.com The PSX had staged a modest recovery yesterday as investors resumed buying, encouraged by the formation of a high-level committee to address the business community’s concerns over the recently introduced taxation measures.