PSX 100-index hits 62,493 mark after gained 802 points in intraday trading

The Pakistan Stock Exchange (PSX) as the benchmark KSE-100 Index crossed the 62,000 level for the first time in history on Monday.

After gaining 802 points , the benchmark index settled at 62,493.05, up by 801.80 points or 1.30% on Friday market closed at 61,691.25 points.

The buying spree comes on the back of a staff-level agreement reached between Pakistani authorities and the International Monetary Fund (IMF) on the first review under the nine-month $3 billion Stand-By Arrangement (SBA).

The analysts said that market participants expect a rate cut in next week’s Monetary Policy Committee’s (MPC) meeting.

The cheap energy stocks were also attracting interest in hopes of improvement in circular debt, it seems there is “still a lot of room for money to rotate from fixed income into equities and it may have started to happen”.

Overall trading volumes reached 734.2 million shares compared with Friday’s tally of 531.3 million. The value of shares traded during the day was Rs31.6 billion.Shares of 390 companies were traded. Of these, 249 stocks closed higher, 122 fell, and 19 remained unchanged.