PSX rises by over 2% on back of bullish momentum

Benchmark KSE-100 index gains 3,748 points on opening day of new fiscal year amid heavy trading volumes and expectations of interest rate cuts.

KARACHI: The Pakistan Stock Exchange (PSX) experienced a powerful surge on the opening day of the new fiscal year, with the benchmark KSE-100 Index gaining 3,748.40 points. This substantial increase of 2.08% propelled the index to close at 184,050.10 points, up from its previous closing position of 180,301.70 points. Market analysts attribute the sustained bullish momentum to an overarching recovery rally, alongside heightened investor expectations regarding lower international oil prices and upcoming domestic interest rate cuts.

Trading operations within the ready market recorded a massive expansion in liquidity, with overall trading volume climbing to 941.479 million shares. The total traded value surged to Rs57.093 billion, marking a significant increase compared to the 703.687 million shares valued at Rs38.813 billion recorded during the previous trading session. Reflecting the broad-based rally, the total market capitalisation of the exchange expanded to Rs20.541 trillion, up from Rs20.198 trillion a day earlier.

Out of the 490 active corporate equities traded in the ready market, 297 advanced, 171 declined, and 22 remained unchanged. K-Electric Limited led the volume charts by a wide margin, registering 82.666 million traded shares, followed closely by The Bank of Punjab with 77.111 million shares and Pakistan Telecommunication Company Limited (PTCL) with 28.752 million shares.

The day’s market leaders were heavily dominated by high-priced equities. PIA Holding Company Limited B emerged as the top gainer, soaring by Rs151.50 to settle at Rs18,149.50, whilst Unilever Pakistan Foods Limited gained Rs94.80 to close at Rs25,699.00. Conversely, Siemens (Pakistan) Engineering led the downward trajectory, dropping Rs31.61 to finish at Rs1,533.14, followed by Pakistan Engineering Company Limited, which shed Rs21.62 to close at Rs853.46. Meanwhile, the derivatives segment similarly mirrored this trend, with futures market turnover rising to 158.254 million shares valued at Rs8.915 billion, with 207 listed companies advancing out of 302 active contracts.