The Pakistan Stock Exchange (PSX) kicked off the week on a positive note, reaching a new milestone as it surged past the 73,000 mark during intraday trading on Monday.
The benchmark KSE-100 index soared to 73,146.12 points during intraday trading, marking a 403.38 point increase or 0.55% higher than the previous close of 72,742.75 points.
CFA Muhammad Saad Ali, Director of Research at Intermarket Securities, attributed the surge to market optimism driven by expectations of a potential interest rate cut of up to 100 basis points in today’s Monetary Policy Committee (MPC) meeting.
Additionally, positive news regarding future talks with the International Monetary Fund (IMF) for a new program has also contributed to the market’s momentum, he added.
Last Friday, the stocks closed near the 73,000-point mark, with late-session buying fueling a 1% gain, according to dealers.
The benchmark KSE-100 index closed at 72,742.75 points on Friday, marking an increase of 771.35 points or 1.07%.
Analyst Muhammad Rizwan at Chase Securities noted that despite a choppy session, the market rebounded with a strong start, achieving a new all-time high.
“This impressive performance was driven by significant contributions from various sectors: Fertilizer stocks added 386 points, Commercial banks contributed 174 points, the Power sector provided 112 points, and Cement stocks added 93 points, collectively reversing the previous negative close and boosting market sentiment.”
