Pakistan stocks on a high, KSE-100 breaches 69,000 ceiling
KARACHI (MNP) – Pakistani stocks on Monday continued with their record-breaking streak as the benchmark KSE-100 Index surged 1.76 per cent and climbed over the 69,000 barrier for the first time in its history, as investors remained buoyant amid possible rate cuts by the central bank.
The latest gains also comes after Saudi Crown Prince Mohammed bin Salman hosted Prime Minister Shehbaz Sharif an iftar dinner in Makkah at a time when it is expected that Riyadh will soon announce around $1 billion investment in Reko Diq – one of the largest copper and gold reserves in the world.
By the time trading was closed for the day, the KSE-100 Index settled at 69,619.98 with a net gain of 1,203.20 points after touching a high of 69,720.03, as foreign investors both individually and institutionally went for buying. The meeting between the Saudi crown prince, who is commonly known as MBS, and Shehbaz could pave the way for investment in multiple sectors ranging from mining and energy to agriculture.
