PSX extends bullish momentum as week opens

The Pakistan Stock Exchange (PSX) opened the week on a positive note on Monday, with the benchmark KSE-100 index rising 1,274.79 points, or 0.88%, current index at 146,657.58 during intra-day trading.

The index touched an intra-day high of 146,762.78 and a low of 145,258.49, compared with the previous close of 145,382.79.

Market volume was recorded at 244,438,330 shares, with a total value of Rs 25.23 billion. The market remains open.

Earlier, PSX wrapped up the week on a bullish note, with the benchmark KSE-100 index breaching the 145,000 mark amid strong institutional buying, handsome corporate earnings and improved macroeconomic sentiment.

Gains were further bolstered by record remittances for July, a sharp jump in textile exports and optimism about government reforms, including a major reduction in circular debt and an ambitious privatisation road map.

On a day-on-day basis, the PSX started the week by breaching the 142,000 level, another all-time high, with a rise of 1,018 points as Oil and Gas Development Company (OGDC) received its first term finance certificate (TFC) payment of Rs7.7 billion, signalling strong financial health.

On Tuesday, the market extended gains as the KSE-100 index ended at 143,037, up 985 points. Investor confidence was supported by robust inflows and a nine-year low fiscal deficit of 5.38% for FY25.

The record-breaking rally continued the next day as well, where the index broke another key psychological level of 145,000, reflecting a surge of 2,051 points.

However, the bourse took a breather on Thursday, closing at 145,647, up a modest 559 points, as Pakistan recorded a trade deficit of $2.8 billion in July.

The PSX ended the week by consolidating around 145k on Friday, with the index standing at 145,383, down 264 points.

Investors displayed caution, reacting to recent macroeconomic developments by shifting focus across sectors and booking profits selectively.