PSX extends rally for second session, reclaims 175,000 mark
The Pakistan Stock Exchange (PSX) extended its bullish run on Thursday, with the benchmark KSE-100 Index surging over 3,365 points, or around 2%, to close at 175,380, reclaiming the 175,000 psychological barrier for the first time since September 1, as a sharp decline in international oil prices improved investor sentiment and triggered broad-based buying. The market opened on a positive note, buoyed by a sharp correction in international oil prices following the Democrats' sweeping gains in the US midterm elections. WTI crude declined below USD 87/bbl, while Brent fell to USD 96/bbl from the previous session's USD 102/bbl, marking a decline of over 8%, said Ali Najib, Deputy Head of Trading at Arif Habib Ltd.