The Pakistan Stock Exchange (PSX) continued its record-breaking streak for the fourth consecutive session on Thursday, with the KSE-100 index closing just shy of the 89,000-point mark. The benchmark index surged by 1,751.45 points, reaching an all-time high of 88,945.98 points, up from the previous close of 87,194.53 points.

According to Topline Securities CEO Mohammed Sohail, the rally was driven by aggressive institutional buying, fueled by expectations of significant interest rate cuts in the upcoming monetary policy meetings scheduled for November 4 and December 16, 2024.

Sohail noted that a record trading volume of Rs. 53 billion ($190 million) in the cash and futures market reflected growing investor confidence. Brokerage house Arif Habib Limited (AHL) highlighted that the over 1,700-point increase marked the fifth-largest one-day points gain in the index’s history.

The trading session saw a total of 757,648,007 shares exchanged, compared to 699,294,030 shares on the previous day. The value of traded shares rose to Rs. 36.047 billion from Rs. 26.824 billion.

As many as 453 companies transacted their shares in the stock market, 237 of them recorded gains and 167 sustained losses, whereas the share price of 49 companies remained unchanged. The top trading companies were K-Electric Limited with 113,202,208 shares, Pakistan Telecommunication Company Ltd (PTC) with 41,105,281 shares, and Fauji Cement Company Limited (FCCL) with 23,272,920 shares.