Institutional support takes PSX to peak

The Pakistan Stock Exchange (PSX) maintained its bullish streak on Wednesday as the benchmark KSE-100 index touched a new record, supported by continued buying from institutional investors. The market commenced trading with a spike but it soon plunged to the intra-day low of 184,897 in the very first hour. Afterwards, investor sentiment improved and buying interest emerged, taking the market to the intra-day high of 187,015 well after midday. At close, the KSE-100 settled at 186,518.72, up 1,456.61 points, or 0.79%. Market watchers attributed the strong close to sustained institutional flows, which helped the index overcome early pressure. Topline Securities, in its report, observed that the local bourse remained firmly up and extended its stellar momentum to notch an all-time high close at 186,519. The benchmark index experienced a highly buoyant session, surging to the intra-day high of 1,953 points, while profit-taking remained modest, with the intra-day low capped at 165 points, underscoring the market's underlying strength.