PSX Roars Higher, Closes at 163,847
The bulls kept their grip firm at the Pakistan Stock Exchange (PSX) on Monday, with the benchmark index soaring to an intraday high of 1,646 points before closing at 163,847 — up 1,590 points or 0.98%.
The rally was largely driven by aggressive buying from local mutual funds. NCCPL data shows that mutual funds were hefty net buyers on Friday, and the momentum carried through to today’s session, giving the market a solid lift.
Sector-wise, FFC, PSO, HBL, NBP, and FABL collectively added +1,017 points to the index, while pressure from ENGROH, LUCK, DGKC, and MTL trimmed -206 points.
Market activity slowed compared to the previous session, with volumes recorded at 1,282 million shares and traded value climbing to PKR 65.7bn. WTL topped the volume chart with 118mn shares changing hands.
Institutional inflows and improved sentiment ensured the bulls stayed firmly in command, pushing the market higher into new territory.
The stock market continues to go up in early hours of trading on Monday which was hovering at 162,875.92, registering an increase of 618.92 points or 0.38%.
The buying momentum continues in key sectors which included automobile assemblers, cement, commercial banks, fertiliser, oil and gas exploration companies, OMCs, power generation and refinery.
Index-heavy stocks included energy firms and banks. They have shown up performance and they included ARL, HUBCO, MARI, POL, PSO, SNGP, SSGC, MCB, MEBL and UBL traded in the green.
The rally continues amid visit of International Monetary Fund (IMF) team to Pakistan led by Pakistan Mission Chief Iva Petrova.PSX, Stock Market, Rollover Week, Investor Sentiment
They are discussing the second review under the Extended Fund Facility (EFF). The IMF team may meet Finance Minister Muhammad Aurangzeb.
During the previous week, the benchmark KSE-100 Index was closed at an all-time high of 162,257 points. This was up 4,220 points or 2.67% on a weekly basis.
