KSE-100 nears 110,000-point mark as shares at PSX trade in green for 9th consecutive session

The Pakistan Stock Exchange (PSX) maintained a bullish momentum for a ninth consecutive session on Monday as shares gained 916.43 points to make the market near 110,000. The benchmark KSE-100 index closed at 916.43 points up, or 0.84 per cent, to stand at 109,970.38 points from the previous close of 109,053.95. In the past two weeks, the PSX has witnessed as many record single-day gains. Extensive mutual fund buying during the outgoing week sent the index soaring by a record point-wise weekly gain of 7,697 points. Yousuf M. Farooq, research director at Chase Securities, noted: “Interest rates, which were at an all-time high, have now returned to more normal levels. This shift has rapidly brought stock valuations to more reasonable levels.”