Bullish wave hits PSX, KSE-100 crosses 43,000 pts

The Pakistan Stock Exchange (PSX) witnessed a bullish wave, with the benchmark KSE-100 Index rising by more than 700 points on Monday.

According to details, the KSE-100 Index increased by 795.82 points, showing a percentage change of 1.87pc, after 11 months crossed the 43,000 points limit to close at 43,266.22 points.

Overall volume traded stood at 629,525,666 shares worth Rs 26.434bn on Monday.

Pakistan Refinery Limited (+1.55), Hascol Petroleum Limited (+0.88) and Azgard Nine Limited (+1.79) led the volume chart. The scrips had 57.48 mn shares, 46.84 mn shares and 30.97 mn shares traded, respectively.

Fauji Fert.Bin and KASB Modaraba were the top advancers increasing by Rs 1.00 (15.85pc) and Rs 0.14 (13.86pc) respectively to close at Rs 7.31 and Rs 1.15 respectively, while Dewan Textile Mills Limited and First Equity Modaraba were the top decliners declining by Rs 0.97 (-24.25pc) and Rs 0.34 (-9.88pc) respectively to close at Rs 3.03 and Rs 3.10.

Global Stocks

On global front, stocks began a busy week with guarded gains as investors gauged the chance of added U.S. fiscal and monetary stimulus.

Progress on coronavirus vaccines cheered risk sentiment, with the first shipments speeding across the United States as part of an historic mission to inoculate more than 100 million people by the end of March.

“The vaccine has and will likely continue to provide a tailwind to the market that is allowing investors to look beyond record case levels, hospitalisations, and deaths,” said analysts at JPMorgan in a note.

E-Mini futures for the S&P 500 responded by rising 0.5%, while March Treasury bond futures slipped 4 ticks. EUROSTOXX 50 futures added 0.5% and FTSE futures 0.1%.

MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.1%, having hit a string of record highs last week. Japan’s Nikkei rose 0.5% as a survey showed the mood among hard-hit Japanese businesses had improved in the December quarter.