ISLAMABAD: The Pakistan Stock Exchange (PSX) witnessed a historic rally on Monday, soaring by 10,123.10 points in response to the ceasefire agreement between Pakistan and India and the International Monetary Fund’s (IMF) approval of a critical funding tranche.
The benchmark KSE-100 Index gained 10,123 points, a positive change of 9.45%, the highest-ever gain.
“As expected, the Pakistani stock market rallied at the open with the KSE 100 index opening up at a record 9,900 or 9.3%.
Sentiments are extremely positive after the ceasefire and approval of the loan tranche by the IMF at the weekend,” said Mohammed Sohail, CEO of Topline Securities, in a note.
The buying was observed in key sectors, including banking and energy stocks. Index-heavy stocks, including HUBCO, NRL, MARI, OGDC, PPL, POL, PSO, SNGPL, SSGC, HBL, MEBL, MCB, and UBL, traded in the green.
On Monday, a total of 732,877,141 shares were traded as compared to 516,295,988 shares the previous working day, whereas the price of shares stood at Rs 30.382 billion against Rs 28.841 billion on the last trading day.
As many as 462 companies transacted their shares in the stock market, 405 of them recorded gains and 26 met losses, whereas the share price of 31 companies remained unchanged.
The three top trading companies were K-Electric Limited with 114,464,625 shares at Rs 4.56 per share, followed by At-Tahur Limited with 75,910,160 shares at Rs 44.01 per share, whereas WorldCall Telecom settled with 66,038,361 shares at Rs 1.32 per share.
Unilever Pakistan Foods Limited witnessed a maximum increase of Rs 904.44 per share, closing at Rs 22,877.32, whereas PIA Holding Company Limited was the runner-up with a Rs 773.52 rise in its share price to close at Rs 8,508.75.
Premium Textile Mills Limited witnessed a maximum decline of Rs 9.89 per share price, closing at Rs 390.11, whereas the runner-up, Sapphire Textile Mills Limited, with a Rs 9.43 decline in its per share price to Rs 1,067.27.
“A powerful convergence of positive developments has set the stage for a potential resurgence in the PSX, with Monday’s session expected to open on a markedly bullish note,” said Arif Habib Limited (AHL) in its report.
The Pakistan Stock Exchange (PSX) ended the week in the red, as escalating geopolitical tensions between Pakistan and India dampened investor confidence.
Ongoing uncertainty over regional stability led to broad-based caution in the market, resulting in weak performance throughout most of the trading week. However, a notable rebound was seen on Friday.
The benchmark KSE-100 Index dropped by 6,939 points, or 6.1%, on a weekly basis, closing at 107,175 points compared to 114,114 points the week before.
Business Recorder cited Mohammed Sohail, CEO of Topline Securities, as saying, “As expected, the Pakistani stock market rallied at the open with the KSE 100 index opening up at a record 9,900 or 9.3 per cent.
Sentiments are extremely positive after the ceasefire and approval of the loan tranche by the International Monetary Fund (IMF) at the weekend”.
