Bulls dominate trading floor at PSX as KSE-100 gains over 1,000 points M Haris

Bulls dominated the trading floor at the Pakistan Stock Exchange (PSX) as the benchmark KSE-100 Index gained over 1,000 points during the opening hour of trading on Thursday. 

According to the PSX website, the market opened on a positive note in its first session after the Eid-ul-Adha holidays. By 09:44 am, the KSE-100 Index crossed the 77,000 mark, up by 730 points.  

At 10:35 am, the index was hovering around 77,802.48, with a gain of 1095.71 points or 1.43% from the previous close of 76,706.77 points on June 17. 

A strong buying spree was witnessed in key sectors, including automobile assemblers, commercial banks, fertilisers, oil and gas exploration companies, oil marketing companies (OMCs), and refineries. Major stocks like ODGC, POL, SHEL, SNGPL, MEBL, and HBL traded positively.

Fitch Ratings described Pakistan’s budget for fiscal year 2024-25 as “ambitious” but noted that it could improve the chances of securing a deal with the International Monetary Fund (IMF). 

Last week, the PSX saw a bullish trend, reaching new levels after no increase in the tax rate on dividends and capital gains for filers, contrary to market rumours. 

This boosted investor confidence and led to increased interest in the stock market. The KSE-100 index rose by 2,952.75 points over the week, closing at a record high of 76,706.77.