PSX continues historic rally, KSE-100 gains over 1,000 points

KARACHI: The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) continued its record-breaking rally on Monday amid improved investors’ sentiments, ARY News reported.

The KSE-100 added 1,078 points, or 1.19 percent to settle at 91,938.01, as against the previous trading session’s closing of 90,859.85 points.

Analysts at Topline Securities said that the Pakistan stocks continued their remarkable ascent, extending their record-breaking rally as investors eagerly awaited the forthcoming monetary policy review.

“Key contributors to this surge included Systems Limited (SYS), Lucky Cement (LUCK), Cherat Cement Company (CHCC), Hub Power Company (HUBC), and Engro Corporation (ENGRO), which collectively added 611 points [to KSE-100],” they added.

It is to be noted here that the State Bank of Pakistan (SBP) earlier today cut its policy rate by 250 basis points (bps) to 15 percent from 17.5 percent amid calls for a big rate drop.

The decision was taken in a Monetary Policy Committee (MPC) meeting of the central bank chaired by SBP Governor Jameel Ahmad.

Meanwhile, the PSX recorded a turnover of 589.54 million shares worth Rs29.95 billion during today’s session, as against 465.86 million, valued at Rs23.08 billion in the previous session at the PSX.

As many as 445 scrips were active in the stock market, out of which, 258 recorded gains and 140 sustained losses, while the share price of 47 companies remained unchanged.

The three top trading companies at the Pakistan Stock Exchange were Power Cement with 56.69 million shares at Rs7.12 per share, K-Electric Limited with 38.93 million shares at Rs4.85 per share and Maple Leaf with 36.95 million shares at Rs41.53 per share.

Indus Motor Company Limited witnessed a maximum increase of R70.50 per share price, closing at Rs1,989.28, followed by Rafhan Maize Products Company Limited with Rs63.75 rise in its per share price to Rs7,505.35.

Bela Automotives Limited witnessed a maximum decline of Rs40.59 per share closing at Rs365.31 followed by Blessed Textile Limited with Rs23.20 decline to close at Rs226.80.