ISLAMABAD: The Pakistan Stock Exchange (PSX) continued its bullish trend on Monday, reaching an unprecedented milestone as the KSE-100 index crossed the 84,000-point mark for the first time in its history.
The market opened on a positive note, with an initial gain of 197 points, pushing the KSE-100 index to 83,729 points. Buoyed by renewed investor confidence following last week’s strong performance, the index continued its upward trajectory, climbing another 276 points to reach 83,808 points.
As the session progressed, the momentum built further, and by mid-session, the index saw an impressive gain of 584 points, ultimately closing at a record high of 84,116 points.
This surge comes after last week’s strong closing, where the KSE-100 index had crossed the 83,000-point mark for the first time, closing at 83,531.96 with a gain of 810.19 points. The market’s bullish sentiment has been attributed to improving macroeconomic indicators, including a decline in yields in the secondary market on government bills and increased interest in the exploration and production (E&P) sector.
Pakistan Petroleum Limited’s (PPL) improved financials, particularly its cash collection ratios, helped drive the positive sentiment. Additionally, leading brokerage firm Topline Securities reported that companies like PPL, Oil & Gas Development Company (OGDC), Meezan Bank Limited (MEBL), Lucky Cement (LUCK), and Pakistan Oilfields Limited (POL) collectively contributed 517 points to the index.
The market also saw a boost from Air Link, which gained traction following reports that the company had imported two electric vehicles, indicating potential new business ventures in the automotive sector.
Furthermore, the State Bank of Pakistan’s foreign exchange reserves surpassed the $10 billion mark, a two-and-a-half-year high, following the receipt of a loan tranche from the International Monetary Fund (IMF). This development helped strengthen investor confidence.
