KEY POINTS
- KSE-100 Index closed at 146,929.84 points, gaining 1,547.05 points
- The stock market touched an intraday high of 147,005.17 points
- During the previous week, the PSX surged by 4,348 points
ISLAMABAD: The Pakistan Stock Exchange (PSX) surged to a record high on Monday, fuelled by investor confidence in the wake of favourable economic indicators and positive corporate developments, with the benchmark KSE-100 Index climbing more than 1,500 points.
Bullish sentiment prevailed throughout the trading session, driving the benchmark KSE-100 Index to an intra-day high of 147,005.17.
By the close of the market, the index had gained 1,547.05 points, or 1.06 percent, finishing at 146,929.84.
Analysts credited the strong performance to a combination of favourable macroeconomic developments and positive corporate news.
“The continuity of the IMF programme” is providing policy stability and ensuring the implementation of critical fiscal and structural reforms, Saad Hanif, Head of Research at Ismail Iqbal Securities, said.
On Monday, a total of 611,205,197 shares were traded as compared to 548,029,081 shares on the last working day, whereas the price of shares stood at PKR 44.004 billion against PKR 45.488 billion on the previous trading day.
As many as 479 companies transacted their shares in the stock market, 242 of them recorded gains and 209 met losses, whereas the share price of 28 companies remained unchanged.
The three top trading companies were Lotte Chemical with 73,285,719 shares at PKR 21.80 per share, followed by Siddiqsons Tin with 21,157,191 shares at PKR 7.55 per share, whereas Invest Bank settled with 19,982,714 shares at PKR 8.68 per share.
Mari Energies Limited witnessed a maximum increase of PKR 47.52 per share price, closing at PKR 666.05, whereas Thal Limited was the runner-up with a PKR 45.53 rise in its per share price to PKR 500.78.
Unilever Pakistan Foods Limited witnessed a maximum decline of PKR 906.49 per share, closing at PKR 32,100.01, followed by PIA Holding Company LimitedB, with a drop of PKR 536.51 in its share price to close at PKR 28,843.15.
During the previous week, PSX extended its winning streak with the benchmark KSE-100 Index surging by 4,348 points, or 3.1 percent, to close at an all-time high of 145,383.
Global Trend
Asian stock markets edged higher on Monday, supported by strong corporate earnings that continue to justify high valuations in the tech sector.
Investors are now closely watching a key US inflation report, which is expected to influence the direction of the dollar and bond markets.
Trade tensions and geopolitics also remain in focus. A US tariff deadline on Chinese goods is set to expire on Tuesday, with expectations that it will be extended once again.
Meanwhile, US President Donald Trump is scheduled to meet Russian President Vladimir Putin in Alaska on Friday to discuss the ongoing conflict in Ukraine.
The most closely watched economic release this week is US consumer inflation data, due Tuesday. Analysts expect core inflation to rise by 0.3 percent, bringing the annual rate to 3.0 percent, further away from the Federal Reserve’s 2 percent target.
A stronger-than-expected reading could challenge market expectations of a rate cut in September, though many believe it would take a significant upside surprise to shift that outlook, especially with recent softening in payroll numbers now weighing more heavily.
Markets are currently pricing in about a 90 percent chance of a rate cut in September, with at least one additional cut expected by the end of the year.
