Khashif Talks Unlock Knowledge & Explore with Khashif Talks!
The Pakistan Stock Exchange (PSX) continued its record-breaking rally on Monday, with the benchmark KSE-100 Index registering new highs after gaining over 900 points during trading.
Benchmark Index Performance
At 12 PM, the benchmark index was at 90,936.21, reflecting an increase of 942.25 points or 1.05%. Earlier in the day, it reached an intra-day high of 91,054.83.
Sector Highlights
Buying was prominent in index-heavy sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration companies, and oil marketing companies (OMCs). Notable stocks such as National Bank of Pakistan (NBP), MCB Bank, Meezan Bank (MEBL), Oil and Gas Development Company (OGDC), Pakistan Petroleum Limited (PPL), Pakistan State Oil (PSO), and Sui Southern Gas Company (SSGC) traded positively.
Market Sentiment and Expectations
The stock market has been on a record-breaking spree recently, as investors anticipate a significant policy rate cut in the upcoming Monetary Policy Committee (MPC) announcement by the State Bank of Pakistan (SBP), scheduled for next week. Optimism is further buoyed by corporate result announcements and favorable economic developments.
Last week, the PSX performed exceptionally well, hitting historic levels due to aggressive buying mainly from local investors and institutional support. The benchmark KSE-100 index surged by a massive 4,743.88 points on a week-on-week basis, closing at its highest level ever at 89,993.97 points. During this period, the index crossed the psychological 90,000 points mark but failed to sustain it due to profit-taking in some stocks.
International Market Update
On the international front, Mainland China stocks fell in early trade on Monday, while Hong Kong stocks showed little movement as investors awaited potential outcomes of a key legislative meeting in China and the upcoming U.S. presidential election. China’s blue-chip CSI300 Index eased by 0.4%, while the Hong Kong benchmark Hang Seng remained largely flat in early trading.
