Pakistan Inventory Alternate eclipsed one other report on Monday because it surged almost 1,500 factors to a brand new all-time excessive near 173,900, powered by investor enthusiasm over stories of contemporary UAE funding in a Pakistan firm.
Within the morning, the market opened with a pointy spike, reaching the intra-day excessive at 174,412 within the very first hour of buying and selling. Nonetheless, it couldn’t maintain that degree and shortly dropped to the day’s low at 173,200 effectively earlier than noon. Thereafter, the benchmark KSE-100 index began recovering and step by step rose to 173,896 at shut, larger by 1,496 factors, or 0.87%.
Topline Securities, in its market overview, remarked that bulls staged a commanding advance on Monday, propelling the market to a brand new excessive as investor confidence was strengthened by stories of a UAE entity’s potential acquisition of a strategic stake within the Fauji Group.
“The anticipated funding has raised expectations that roughly $1 billion in liabilities may very well be settled, whereas hopes have additionally been strengthened that the remaining $2 billion mortgage could also be rolled over, considerably easing near-term monetary pressures,” it mentioned.
Driving the wave of optimism, the benchmark index climbed to the intra-day peak of two,010 factors earlier than settling at 173,896, marking a sturdy acquire of 1,496 factors. On the upside, Fauji Fertiliser Firm, UBL, PTCL, Engro Fertilisers and Programs Ltd emerged as key contributors, collectively including 957 factors to the index.
Market exercise remained wholesome, with whole traded volumes clocking in at 858 million shares, whereas whole traded worth stood at Rs43 billion. WorldCall Telecom led the volumes chart as the corporate noticed buying and selling in 53 million shares.
