PSX extends bullish rally, KSE-100 Index gains over 978 pts

Pakistan Stock Exchange (PSX) extended the bullish rally from the previous session, as it closed its first trading session of the week in Green.

The indexes inched high with the benchmark KSE 100 closing above the 44,000 mark. As per analysts, investors’ confidence improved following ease in political tensions.

With the addition of 1,051.11 points, the benchmark KSE 100 index touched an intraday high of 44,839.19. It settled above the 44,000 mark at 44,766.59 gaining 978.51 pts. Overall market volumes improved from 442.52 mn shares to 455.36 mn shares.

TRG Pakistan Limited (TRG +7.49%), Unity Foods Limited (UNITY +7.49%) and Fauji Cement Company Limited (FCCL +1.94%) led the volume chart.

The scrips had 24.90mn shares, 23.63mn shares and 21.09 mn shares traded, respectively.

Sectors that contributed the most points to the KSE 100 index included Cement sector (169.78 pts), the Technology and Communication sector (151.38 pts) and Oil and Gas Marketing sector (99.83 pts). Company-wise, TRG Pakistan Limited (TRG 96.32 pts), Pakistan State Oil Company Limited (PSO 70.36 pts), and Lucky Cement Limited (LUCK 57.40 pts) added most points to the index.

Meanwhile, the Technology and Communication sector (+7.85%) closed as the top gainer. Systems Limited (SYS 7.49%), NetSol Technologies Limited (NETSOL 7.50%) and Avanceon Limited (AVN 7.49%) all closed positive.

On the international markets, Asia markets rose Monday following another Wall Street record, with attention on this week's Federal Reserve policy meeting, which comes as investors fret that an expected economic recovery will fan inflation and force the bank to hike interest rates earlier than thought.

Meanwhile, oil prices rose on Monday, with Brent heading toward $70 a barrel, as data showed China's economic recovery accelerated at the start of 2021, boosting the energy demand outlook at the world's largest oil importer.