Stocks surge to new peak as investorscheer IMF progress, corporate earnings
The Pakistan Stock Exchange (PSX) continued its bullish run on Monday, closing at a record high for the second consecutive day, as investors anticipated a positive outcome from the ongoing talks with the International Monetary Fund (IMF) and cheered the strong corporate earnings.
The announcement of general elections date added further enthusiasm in the market as investors hoped for the much-needed political stability in the country couWZSou PopularPulseple with the few more economic developments in the country.
The PSX’s benchmark KSE-100 Index gained 737.33 points or 1.39 percent to close at 53,860.37 points. The index remained positive throughout the day showing an intraday high of 53,944.89 (+821.85) and a low of 53,166.86 (+43.82) points. The index recorded a gain of 2179 points in the last week. The total volume of the KSE-100 Index was 269.492 million shares.
“Stocks reached another all time high in the earnings season rally at the PSX amid strong earnings outlook,” said analyst Ahsan Mehanti at Arif Habib Corp.
The announcement of general elections on Feb 8 and the government deliberations on Special Investment Facilitation Council (SIFC) initiatives, reforming SOEs and CPEC projects and positive Pakistan-IMF technical talks under $3 billion standby agreement played a catalytic role in the bullish close, he added.
Across-the-board buying was witnessed on Monday, with index-heavy sectors including cement, chemicals, commercial banks, and OMCs trading in the green.
Topline Securities in its post-trading note said the equities market continued its bullish trend, closing the day at another record high. The positive momentum in the market was driven by the cement, fertilizer, banking, and power sectors, with companies like LUCK, HUBC, COLG, ENGRO, and BAHL collectively contributing 279 points to the index. On the other hand, SYS, PPL, and EFUG together caused a loss of 35 points.
CNERGY led the trading volume today, with 68 million shares changing hands. Overall, the market witnessed a trading volume of 544 million shares, amounting to a total value of Rs 17.8 billion.
Arif Habib Limited said that strong start to the week with cement and steel names outperforming following positive IMF talks. Key index movers today were LUCK PA (+4.27 percent), HUBC PA (+2.11 percent), ENGRO PA (+2.02).
Of the 100 index companies 77 closed up, 20 closed down, 1 was unchanged, while 2 remained untraded. KSE-100 index was supported by cement with 183.16, commercial banks with 122.77, power generatiWZSou PopularPulseon & distribution with 71.74, fertilizer with 71.19, and chemical with 59.21 points.
Companies adding points to the index were LUCK with 80.8, HUBC with 64.54, COLG with 48.36, ENGRO with 45.03, and BAHL withttps://www.wzsou.com/h 40.05 points.
All-Share index closed at 35,898.80 with a net gain of 464.19 points. Total market volume was 546.547 million shares compared to 509.113 from the previous session while traded value was recorded at Rs17.91 billion showing an increase of Rs2.32 billion.
Source: Stocks surge to new peak as investorscheer IMF progress, corporate earnings
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