The Pakistan Stock Exchange (PSX) achieved a record-breaking rally on Monday, with the benchmark KSE-100 index surpassing the 84,000 mark during intra-day trading. The surge was attributed to positive economic indicators and a rally in the oil & gas sector. By 1:55 pm, the KSE-100 Index had reached 84,574.68, marking a 1.25% increase. Notable buying activity was observed in index-heavy sectors such as automobile assemblers, cement, commercial banks, fertilizer, oil and gas exploration companies, and OMCs. Stocks of NBP, MEBL, FFBL, PPL, OGDC, SNGP, and PSO were among those showing gains.
Market experts linked the buying spree to improved macroeconomic indicators and expectations of a potential policy rate decrease in the near future. Despite recent terror-related incidents, the bullish momentum in the market persisted. Furthermore, the global market also witnessed positive trends, with Asian stocks rallying and the dollar reaching a fresh seven-week peak against the yen following robust US labor data. This development dispelled fears of a recession and led to a significant reduction in rate-cut bets.
