Buying momentum continued unabated at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index crossing the 136,000 level, a new record high, during trading on Monday.
Positivity persisted throughout the trading session, pushing the benchmark index to an intraday high of 136,140.87.
At 2:05pm, the KSE-100 Index was hovering at 136,011.10, a gain of 1,711.34 points or 1.27%.
Buying was observed in key sectors including automobile assemblers, cement, commercial banks, oil and gas exploration companies, OMCs and refinery. Index-heavy stocks including MARI, OGDC, PPL, POL, PSO, SNGPL, SSGC, MEBL, NBP and UBL traded in the green.
Prime Minister Shehbaz Sharif rejoiced over PSX’s performance, saying that the development echoes the business community’s confidence in the Pakistani economy.
As per a statement released by the Prime Minister’s Office (PMO), the prime minister added that positive economic indicators are a sign of the right direction of government policies.
Meanwhile, analysts also attributed the bullish run to improved economic indicators, including record remittances collected during the last fiscal year.
“Result season has also kicked off, so that too needs to be closely monitored,” Sana Tawfik, Head of Research at Arif Habib Limited (AHL), told media.
During the previous week, the PSX extended its bullish momentum, with the benchmark KSE-100 Index closing at a fresh all-time high of 134,299.77 points, after gaining a robust 2,351 points or 1.8% on a week-on-week (WoW) basis.
This marks another milestone in the local equity market’s remarkable run, which has been fuelled by improving macroeconomic fundamentals, sustained foreign inflows, and strong institutional participation.
Internationally, Wall Street and European share futures pulled Asian indices lower on Monday as the latest salvo of threats in the US tariff wars kept investors on edge. However, there were still hopes it was mainly bluster by President Donald Trump.
Trump on Saturday said he would impose a 30% tariff on most imports from the EU and Mexico from August 1, even as they are locked in long negotiations.
The European Union said it would extend a suspension of countermeasures to US tariffs until early August and continue to press for a negotiated settlement, though Germany’s finance minister called for firm action if the levies went ahead.
Investors have become largely inured to Trump’s chaotic policy methods, and stocks eased only moderately, while the dollar gained little against the euro.
For now, MSCI’s broadest index of Asia-Pacific shares outside Japan was flat, while Japan’s Nikkei eased 0.3%.
Chinese blue chips firmed 0.3% as data showed annual export growth topped forecasts at 5.8% in June, even as exports to the US fell almost 10%. Figures on retail sales, industrial output and gross domestic product are out on Tuesday.
This is an intra-day update
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