Stocks climb to new record above 68k

Pakistan Stock Exchange (PSX) on Thursday continued its record-setting rally as it surged above 68,000 points over investors’ growing interest in pharmaceutical stocks following court’s verdict in favour of the industry, and a robust corporate earnings outlook.

While continuing the previous day’s bullish momentum, the trading session began with a spike. However, the KSE-100 index dipped to its intra-day low of 67,912.35 points after an hour. It once again picked up steam and consistently marched north until the end of trading.

The lifting of a stay order by the court against the deregulation of maximum retail prices for the pharmaceutical industry mainly fuelled the bullish activity at the bourse.

Furthermore, investor sentiment got a lift from Saudi Arabia’s intention to invest up to $1 billion in the Reko Diq copper and gold project.

The index remained in the green for most part of the day and closed above the 68,000 mark at a new all-time high with gains of over 650 points.