Stock market soars to new all-time high
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The Pakistan Stock Exchange (PSX) closed on a high note on Monday as the benchmark KSE-100 index gained 1,018 points to hit a record high of 142,053 by the day's end.
The rally was driven by strong investor sentiment surrounding Rs7.7 billion worth of term finance certificate (TFC) payment to Oil and Gas Development Company (OGDC) and optimism about the upcoming cement companies' financial results.
In its market review, Topline Securities remarked that the KSE-100 index ended the session with a surge of 1,018 points, or 0.72%, at 142,052.65 – its highest closing level to date. The rally was fuelled by positive sentiment surrounding OGDC, which received its first TFC payment of Rs7.7 billion as well as optimism about the upcoming cement sector results, backed by improved monthly performance.
Major positive contributors included Lucky Cement, Bank AL Habib, HBL, Hub Power and Systems Limited, which collectively added 716 points to the index. On the downside, PakGen Power, Engro Holdings and Pakistan Petroleum together shaved off 134 points, added Topline.
Overall trading volumes increased to 666.4 million shares compared with Friday's tally of 609.7 million. Traded value decreased to Rs42.9 billion as compared to Rs50.6 billion in the previous session.
Shares of 482 companies were traded. Of these, 247 stocks closed higher, 206 dropped and 29 remained unchanged. Cnergyico PK was the volume leader with trading in 53.7 million shares, up 28 paisa to Rs7.39 per share.
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