The Pakistan Stock Exchange (PSX) continued its upward trend on Monday. The benchmark KSE-100 index surged by 1,171.42 points, closing at 162,803.16.
Institutional investors drove the rally, building positions in key sectors. The market showed strong momentum despite a volatile trading session.
The trading day began with a dip to an intra-day low of 161,893 points. However, the index quickly recovered, reaching a high of 163,935 after midday. Profit-taking pushed the index down again, but a final recovery secured a strong close. The 0.72% gain was largely fueled by local mutual funds, according to data from the National Clearing Company of Pakistan Limited (NCCPL).
A key positive factor was the October inflation data. The Consumer Price Index (CPI) came in at 6.24%, providing some relief to investors. Heavyweight stocks led the advance. Major contributors included:
- Fauji Fertiliser Company
- Engro
- National Bank of Pakistan
- Hub Power
- TRG Pakistan
Trading activity remained robust, with a volume of 949.4 million shares. Hascol Petroleum was the volume leader with 119.5 million shares traded. Of the 486 companies traded, 262 closed higher, 176 declined, and 48 were unchanged. Despite the day’s rally, analysts noted a 2.3% monthly decline for the KSE-100. This breaks a five-month winning streak.
Read: PSX Soars Over 2% on Ceasefire Optimism and Earnings Season Speculation
JS Research reported that the market has corrected 7% since its recent peak. Geopolitical tensions and foreign selling have contributed to this volatility.
Border tensions with Afghanistan weighed on sentiment. However, the market found some support after a ceasefire was announced. The overall traded value for the session was Rs 47.6 billion. Foreign investors were net sellers, offloading shares worth Rs649.5 million.