Stocks extend record-breaking rally as KSE-100 closes near 85,000 mark

Stocks at the Pakistan Stock Exchange (PSX) extended a record-breaking rally on Monday, with the benchmark KSE-100 index surging past the historic mark of 85,000 during intra-day trading. 

According to the PSX website, the market opened on a positive note and crossed the 84,000 mark at 10:35 am after gaining around 500 points. By 1:38 pm, the benchmark index touched 84,656.90 points, with an increase of 1,124 points or 1.2%. Around 03:30 pm, the benchmark index touched its highest level of 85,047.81, gaining over 1500 points or nearly 2%. 

The upward rally was fueled by positive economic signals and strong performance in the oil and gas sector which boosted the investor sentiment despite a terror activity at Karachi airport. 

At the day’s close, the KSE-100 Index settled at 84,910.29 points, up by 1378.34 or 1.65%  from the previous close of 83,531.95 points. 

The market surged due to buying activity in sectors such as automobile assemblers, cement, commercial banks, fertilizer, and oil & gas exploration companies. Key stocks including NBP, MEBL, FFBL, PPL, OGDC, SNGP, and PSO showed gains.

Experts attribute the rally to improved macroeconomic indicators and expectations of a potential policy rate cut in the coming weeks. The oil and gas sector has seen particularly strong momentum.

Last week, the PSX hit all-time highs, driven by strong local investor interest and institutional support, with the KSE-100 index gaining 2,239.83 points and closing above 83,000 for the first time.