PSX closes above 120,000 points for first time
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The Pakistan Stock Exchange (PSX) closed at a record high, with the KSE-100 index ending the day at 120,450.87, marking its first-ever close above 120,000 points.
The market gained 1,573.07 points or 1.32%, reaching an intra-day high of 120,693.83 and a low of 119,129.51.
Trading volume stood at 315,235,806 shares, with a total value of 20,897,236,653. The previous close was 118,877.80.
Record-breaking bullish sentiment comes ahead of Pakistan's budget this month.
Earlier on Monday, the KSE-100 index experienced significant volatility, with an intra-day high of 1,018 points and a low of 899 points, ultimately closing at 118,878, down by 813 points (0.68%).
The decline was mainly attributed to concerns over proposed tax hikes on banking and saving schemes, additional petroleum levies, and rising inflation.
The Consumer Price Index (CPI) increased by 3.5% year-on-year in May due to higher food prices, dampening market sentiment.
Analysts, including Ahsan Mehanti of Arif Habib Corp, noted that the bearish market was driven by uncertainty ahead of the FY26 budget, geopolitical tensions, and fluctuations in the rupee.
Topline Securities highlighted that selling pressure came from concerns about a potential 2-3% tax hike on passive income. While some stocks like Pakgen Power, National Foods, Meezan Bank, and National Bank of Pakistan supported the index, stocks like Systems Limited, Engro Holdings, and Pakistan Petroleum weighed it down.
Trading volume decreased to 497.9 million shares from 580.3 million on the previous day. The market saw mixed performance, with 29 stocks rising, 71 falling, and 464 companies traded overall. Dewan Cement was the volume leader, while foreign investors sold shares worth Rs1.97 billion.
Analysts are cautious, suggesting that the market may face continued pressure in the short term, but it could present a buying opportunity in certain sectors like cement, automobile, and fertilizers.
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