Bulls took full control of the trading floor at the Pakistan Stock Exchange (PSX) on Monday as the benchmark KSE-100 surged over 700 points due to expectations of a rate cut and a new financing deal with the International Monetary Fund (IMF).
According to the PSX website, the market opened on a positive note and gained over 500 points during the early hours of trading. At noon, the KSE-100 reached the 73,798 mark by gaining over 700 points.
As of 1:20 pm, the benchmark index crossed the 74,000 level for the first time in its history by gaining 973.06 points or 1.33%. The benchmark index closed the day at 73,799.11 points, up by 713.61 points or 0.98%.
Key sectors, such as automobile assemblers, construction, chemicals, oil and gas exploration companies, OMCs, and refineries, experienced widespread buying.
Index-heavy stocks like PSO, SNGPL, Lucky Cement, and Engro showed gains.
Market experts credited this bullish trend at the PSX to anticipated interest rate reductions and positive momentum regarding Pakistan’s pursuit of another loan program with the International Monetary Fund (IMF) for which the talks commenced today.
Last week, the market remained positive with the benchmark index challenging its highs and closing the week above at 73,086 points, posting weekly gains of 1,183 points or 1.65%.
With an overall positive market landscape, participation also increased by 39% WoW, with the average daily traded volume rising to 717 million shares compared to 516 million shares in the previous week.
