A stock broker reacts while monitoring the market on the electronic board displaying share prices during trading session at the Pakistan Stock Exchange, in Karachi on July 3, 2023. Photo: Reuters/ File
The Pakistan Stock Exchange (PSX) staged a robust rally on Monday, with the benchmark KSE-100 index jumping 1,945.50 points, or 1.22%, to close at 161,538.41. The market opened strong and maintained its upward momentum throughout the session, hitting an intra-day high of 161,881.45 and a low of 160,406.43.
Investor confidence returned after last week’s volatility, with renewed buying interest across key sectors — particularly fertiliser, investment banking, oil & gas, and cement. Both institutional and retail participation reflected optimism over improving macroeconomic indicators and expectations of policy stability in the near term.
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According to KTrade Securities, PSX rebounded sharply as investor sentiment strengthened on expectations of positive macro and political developments, including the parliamentary approval of the 27th Constitutional Amendment, the release of the next International Monetary Fund (IMF) tranche, and easing regional tensions.
Heavyweights such as Engro Corporation, Fauji Fertiliser, Engro Fertiliser, Oil and Gas Development Company, Pakistan Petroleum, and Systems Limited led the index gains.
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Despite the rally, overall market participation remained moderate. Total traded volume rose slightly to 783.2 million shares from 768.8 million a day earlier, with a total value of Rs36.3 billion.
Shares of 477 companies were traded, of which 292 closed higher, 136 declined and 49 remained unchanged. First National Equities led the volume chart with 73.8 million shares, gaining Rs1.93 to close at Rs21.22.
KTrade noted that investor sentiment is expected to remain positive, contingent on key macroeconomic and political developments in the coming sessions.
