Bullish sentiment prevails at PSX as geopolitical calm, IMF deal lift confidence

KARACHI: The bullish momentum at the Pakistan Stock Exchange (PSX) carried into Tuesday’s session, with the benchmark KSE-100 Index gaining 1,278.15 points (1.09 per cent) to close at 118,575.88, analysts said.

“The bullish momentum from the previous session carried forward, fuelled by robust institutional buying, particularly from local mutual funds, as indicated by NCCPL data,” Topline Securities Ltd stated.

The Index recorded an intraday gain of as much as 2,769 points, reaching a high of 120,067.12, before settling near the day’s peak.

Ismail Iqbal Securities Pvt Ltd said the market extended Monday’s gains as investor confidence remained strong.

“The market continued its positive momentum, with investor sentiment buoyed by easing geopolitical tensions following a ceasefire between Pakistan and India, as well as the approval of a USD 2.4 billion tranche by the IMF under the EFF and RSF,” Al Habib Capital Private Ltd stated.

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The oil sector also supported the rally, driven by expectations of a PKR 1.27 trillion circular debt settlement scheduled for May 15.

Oil and Gas Exploration Companies, Cement, and Oil & Gas Marketing Companies were the leading contributors, collectively adding 1,368 points to the Index.

Heavyweight stocks including PPL, OGDC, LUCK, PSO, and MARI alone added 1,177 points to the Index’s upward trajectory.

Market participation remained robust, with total traded volume reaching 680 million shares and traded value at PKR 52.5 billion — the highest in five months. WorldCall Telecom (WTL) led the volumes with 41.7 million shares traded.

In the previous session, the PSX recorded a historic single-day surge, with the KSE-100 Index jumping 9.45 per cent — its biggest gain in 26 years.