Bulls dominate PSX as KSE-100 gains 1,055 points

KARACHI: The Pakistan Stock Exchange (PSX) commenced the new week on a positive note as the KSE-100 index gained 1,055 points, ARY News reported.

The 100-Index of the Pakistan Stock Exchange (PSX) witnessed bullish trend on Monday, gaining 1,055.03 points, a positive change of 0.96 percent, closing at 111,377.97 points as compared to 110,322.94 points on the last trading day.

Analysts at Topline Securities attributed this positive trend to the strong Earnings and Zarea IPO Boost, saying that this surge was primarily fueled by better-than-expected corporate earnings, which bolstered investor sentiment and renewed buying interest across key sectors.

They said, “Adding to the optimism, the Zarea IPO book-building process received a positive response, further lifting market sentiment and attracting fresh capital inflows”.

A total of 415 million shares were traded during the day as compared to 299 million shares the previous trading day, whereas the price of shares stood at Rs23.947 billion against Rs15.624 billion on the last trading day.

As many as 429 companies transacted their shares in the stock market, 198 of them recorded gains and 172 sustained losses, whereas the share price of 59 companies remained unchanged.

The three top trading companies were Bank of Punjab with 55 million shares at Rs10.28 per share, WorldCall Telecom with 34 million shares at Rs1.53 per share and Cnergyico PK with 31 million shares at Rs7.53 per share.

Unilever Pakistan Foods Limited witnessed a maximum increase of Rs787.49 per share closing at Rs23,232.28 whereas runner-up was Ghandhara Industries Limited with Rs57.88 rise in its share price to close at Rs636.70.

Bata Pakistan Limited witnessed a maximum decrease of Rs44.24 per share price, closing at Rs 1,919, whereas the runner-up was Faisal Spinning Mills Limited with Rs36.15 decline in its per share price to Rs325.96.

Meanwhile, shares in European and Asian steelmakers fell on Monday after U.S. President Donald Trump said he would introduce 25% tariffs on all steel and aluminium imports within hours in addition to existing metals duties.

As the risk mounts of a multi-front trade war, the European Union (EU) has flagged it may retaliate and Trump has promised further announcements on Tuesday or Wednesday of broader reciprocal tariffs to match those of countries importing U.S. goods.