The Pakistan Stock Exchange (PSX) kicked off the week with a robust start, achieving a new milestone as it surpassed the 73,000 mark during Monday’s intraday trading.
The benchmark KSE-100 index peaked at 73,146.12 points, marking a rise of 403.38 points or 0.55% from its previous close of 72,742.75 points.
This upward movement was fueled by market optimism, largely driven by anticipations of an interest rate cut, which was expected to be announced in the day’s Monetary Policy Committee (MPC) meeting, potentially by up to 100 basis points.
Adding to the positive sentiment were the encouraging developments regarding future negotiations with the International Monetary Fund (IMF) for a new program, which also played a significant role in buoying the market.
The stock market had ended the previous week on a high note, with the KSE-100 index closing near 73,000 points last Friday. This was due to late-session buying that led to a 1% gain, as noted by market dealers. Specifically, the index had increased by 771.35 points or 1.07% to close at 72,742.75 points.
Although initially choppy, the session rebounded strongly to achieve a new all-time high. Key contributions from various sectors supported the significant performance uplift. The Fertilizer sector added 386 points to the index, Commercial Banks contributed 174 points, the Power sector was up by 112 points, and Cement companies added 93 points. These sectors collectively played a crucial role in reversing the previous negative close and elevating the overall market sentiment.
