KARACHI: The Pakistan Stock Exchange (PSX) celebrated a significant milestone on Friday as the KSE-100 index soared past the 90,000-point mark during intra-day trading.

At 11:58 am, the index stood at 90,087.41 points, reflecting a 1.25% increase from the previous day’s close of 88,945.98.

Mohammed Sohail, CEO of Topline Securities, highlighted that this achievement marked one of the swiftest gains in recent history, with a remarkable 125% increase over the past 18 months.

The upward trend for the PSX persisted throughout the week, with the index breaching the 89,000-point threshold on Thursday.

Most analysts anticipate that the State Bank of Pakistan (SBP) will implement a 200 basis points reduction in its policy rate during the upcoming meeting on November 4. This would represent the fourth consecutive rate cut since June.

In a report, Topline Securities noted that bullish sentiment dominated the PSX as the KSE-100 index reached an all-time high of 89,126, climbing by 1,931 points, or 2.22%, before closing at 88,946, which was an increase of 2.01%.

Investor enthusiasm was largely driven by expectations surrounding the monetary policy meeting scheduled for November 4. Market sentiment indicated the possibility of two significant rate cuts, prompting a surge in stock purchases that helped propel the index to this historic high.

Additionally, investors were reallocating funds from fixed-income investments to equities, further enhancing market momentum, according to Topline.