From Zeeshan Mirza
KARACHI: Bulls once again took charge at the Pakistan Stock Exchange (PSX) on Monday as the benchmark KSE-100 index ended the session with an increase of 1,421 points, or 1.08%, settling at a new record high at 133,370.15.
The market enjoyed a strong rally throughout the day, fuelled by robust performance of banking stocks amid expectations of handsome earnings and dividend payouts for the June quarter, commented analysts.
Apart from that, Pakistan has reached a trade and tariffs deal with the US, marking a significant development in negotiations between the two countries. Optimism surrounding the deal supported the advancement of textile stocks during the day.
In its review, Topline Securities commented that the KSE-100 index ended the trading session at 133,370, marking a gain of 1,421 points, or 1.08%.
The rally persisted throughout the day, with the index hitting intra-day high of 133,862, fuelled by strong performance of banking stocks amid expectations of robust earnings and dividend payouts for the June quarter. Textile stocks also advanced, likely supported by optimism about the tariff agreement with the US, it noted.
According to Arif Habib Limited (AHL), gains continued to accelerate at the PSX, where the KSE-100 closed above 133,000 points. Some 76 shares rose while 24 fell. Among the advancers, HBL (+3.67%), Fauji Fertiliser Company (+0.86%) and Bank Alfalah (+4.25%) contributed the most to index gains.
On the flip side, Adamjee Insurance (-3.82%), Engro Fertilisers (-0.48%) and Mari Petroleum (-0.36%) were the biggest index drags, the brokerage house said.
It pointed out that Pakistan and the United States have reached an agreement on a trade and tariffs framework, ahead of the July 9 deadline.
