The Pakistan Stock Exchange (PSX) soared to a new record high on Monday as optimism about potential US investment under a trade deal, record remittances and robust corporate earnings fuelled investor interest. The benchmark KSE-100 index gained 1,547.05 points, or 1.06%, to close at 146,929.84, driven by bullish sentiment in exploration and production (E&P) and banking sectors.
Ahsan Mehanti of Arif Habib Corp commented that stocks closed at a new all-time high amid strong financial results and speculation about a positive outcome of finer details of US investment under the Pakistan-US trade deal. Record remittances of $3.2 billion in July, rupee stability and expectations of a surge in exports due to the India-US tariff conflict drove the bullish close at the PSX, said Mehanti.
In its review, Topline Securities said that bulls tightened their grip as the KSE-100 index rocketed to the intra-day high of 1,622 points before settling at 146,930, up a solid 1,547 points. Sentiment surged after reports of US firms gearing up to invest in Pakistan's energy sector, further reinforced by better-than-expected corporate results.
Market giants Mari Petroleum, Bank AL Habib, Oil and Gas Development Company (OGDC), Meezan Bank and MCB Bank dominated the rally, together pumping 959 points into the index and reaffirming the market's risk-on mood, added Topline.
In its commentary, Arif Habib Limited (AHL) stated that the weekly draw at 146,800-147,000 was hit on Monday, with the day's high at 147,005 points.
Some 67 shares rose while 32 fell, with Mari Petroleum (+7.68%), Bank AL Habib (+4.22%) and OGDC (+2.44%) contributing the most to index gains. On the flip side, Engro Fertilisers (-1%), Systems Limited (-0.79%) and Engro Holdings (-0.47%) were the biggest drags, mentioned AHL.
Among corporate results, Mari Petroleum reported FY25 earnings per share (EPS) of Rs54.25, a decrease of 16% year-on-year (YoY), and dividend per share of Rs21.70. Fauji Cement declared FY25 EPS of Rs5.43, an increase of 62% YoY, and dividend per share of Rs1.25.
Meanwhile, Attock Refinery posted FY25 EPS of Rs112.3, down 53% YoY, and dividend per share of Rs10. Lucky Cement reported FY25 EPS of Rs52.53, up 19% YoY, and dividend per share of Rs4.
AHL noted that National Refinery (+10%) revalued the surplus of leasehold land by Rs46 billion in its financial accounts, according to an exchange filing. Its FY25 net loss per share narrowed to Rs185.9 vs Rs197.5.
JS Global analyst Muhammad Hasan Ather remarked that the KSE-100 index soared 1,547 points as bullish momentum prevailed, boosted by strong buying across banking, oil & gas, auto and refinery sectors.
The surge was underpinned by robust investor confidence, favourable corporate earnings and optimism fuelled by economic stabilisation measures and trade expectations, he said.
AHL Deputy Head of Trading Ali Najib said that bulls were marching towards 150,000 with full excitement as KSE-100 breached the 146,000 mark and closed just below 147,000 (+1,547 points).
Sentiment remained strong in the backdrop of Pakistan-US trade deal. The investor community is anticipating that the visit of army chief could lead to further favourable terms for Pakistani exports to the US, he said. The E&P sector led the day in the wake of news regarding circular debt resolution, which is likely to be announced soon, added Najib.
Overall trading volumes increased to 611.2 million shares compared with Friday's tally of 548.1 million. Traded value decreased to Rs44 billion as compared to Rs45.5 billion in the previous session. Shares of 479 companies were traded. Of these, 242 stocks closed higher, 209 dropped and 28 remained unchanged.
Lotte Chemical was the volume leader with trading in 73.3 million shares, gaining Rs0.54 to close at Rs21.8. It was followed by Siddiqsons Tin Plate with 21.2 million shares, gaining Rs0.51 to close at Rs7.55 and Invest Bank with 20 million shares, gaining Rs0.8 to close at Rs8.68. Foreign investors sold shares worth Rs115 million, the National Clearing Company reported.
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ