Could PSX Cross 70,000 Mark Before Eidul Fitr?

The KSE-100 index on Monday shot past the 69,000 psychological barrier and closed a day after remaining in the green at a new all-time high level of 69,619.98

Could PSX Cross 70,000 Mark Before Eidul Fitr?

The Pakistan Stock Exchange (PSX) on Monday pushed past the psychological barrier of 69,000 points, as it closed the day at a record high of 69619.98 points, gaining 1,203.20 points.

The market began the new week at exactly where it had left at the end of last week at 68,416.78 points — the highest level the bourse had ever been in its history. The bulls once again took charge from the opening bell and it remained in the green throughout the trading day. The index had surpassed the 69,000 mark before the clock struck 11am.

With only two trading days in the week due to the Eidul Fitr holidays, the bulls sprinted up 1,203.20 points (1.76%) to close the day  at a new all time high of 69,619.98 points.

The KSE-100 index has exceeded 69,000 and is trading at an all-time high, stated Arif Habib Limited on X (previously known as Twitter). 

Brokerage house Topline Securities said that investors were opting to further strengthen their equity position through value-hunting of stocks across the board, especially in the blue-chip stocks 

The benchmark KSE-100 index rose 930.96 points, or 1.36%, to 69,347.74 points, up from its previous closing of 68,416.78 points. 

Topline's analysis said that traditional power stocks by companies in the fertiliser, power, banks and technology sectors contributed positively to the index on Monday such as Fauji Fertiliser Company limited (FFC), Hub Power Company Limited (HUBC), Muslim Commercial Bank (MCB), Systems Limited (SYS) and Meezan Bank Limited (MEBL) collectively added 486 points on the board.

On the other hand, Dawood Hercules Corporation Limited (DAWH), Engro Fertilizer Limited (EFERT) — despite general positive momentum around fertilizer companies —and Engro Corporation Limited (ENGRO) lost 85 points as they saw some profit taking in it.

Over 335.6 million shares were traded at the bourse on Monday, worth a total of Rs15.3 billion. Pakistan Telecommunication Company (PTC) led the volumes chart with the trading of over 33.7 million shares and a 5.13% appreciation of its share price.

Samiullah Tariq, head of research at Pak-Kuwait Investment Company, attributed the positive momentum to economic stability where the foreign exchange reserves witnessed marginal improvement, anticipation of the final tranche of the stand-by arrangement from the International Monetary Fund (IMF) worth $1.1 billion and prospects for a new accord with the Fund, and invitation of interest from parties to buy Pakistan International Airlines (PIA). 

On Friday, the market had concluded at 68,417 points, up 1,412 points, or 2.11% week over week.