KARACHI:
The Pakistan Stock Exchange (PSX) soared to a new all-time high on Tuesday, driven by investor confidence following a high-level meeting between business leaders and Army Chief Asim Munir, where assurances of institutional support for economic progress were given.
The government’s success in securing a majority in Senate elections, optimism surrounding the State Bank of Pakistan’s (SBP) expected monetary easing and forecasts of robust corporate earnings further reinforced the market rally.
The benchmark KSE-100 index soared to intra-day high of 1,684 points, before settling at 139,419.62, an increase of 1,202.03 points, or 0.87%.
According to Ahsan Mehanti of Arif Habib Corp, stocks traded at a new all-time high, after business leaders met with army chief and were assured of the military’s support for economic progress.
Additionally, the government won a majority in Senate seats, further bolstering bullish sentiment.
Speculation about the SBP’s anticipated policy easing next week, alongside expectations of strong financial results and annual payouts in the earnings season, fuelled the bullish activity at the PSX, he added.
In its market review, Topline Securities commented that bulls roared back to life in Tuesday’s trading session, lifting the benchmark index to impressive levels. The index surged to intra-day high of 1,684 points, before closing at 139,420, reflecting a solid gain of 1,202 points.
The rally was fuelled by positive investor sentiment and renewed market confidence as the index moved upwards ahead of the anticipated announcement of strong corporate results. This wave of optimism helped paint a bullish picture across the board, setting the tone for a potentially upbeat week ahead, Topline said.
Overall trading volumes increased to 629 million shares compared with Monday’s tally of 608.2 million. Traded value stood at Rs34.7 billion.
Shares of 478 companies were traded. Of these, 268 stocks closed higher, 178 fell and 32 remained unchanged. First Dawood Properties was the volume leader with trading in 44.1 million shares, gaining one rupee to close at Rs7.64 per share.
