Stock market’s strong opening on Monday likely to continue

KARACHI: Pakistan Stock Exchange (PSX) began the week on a positive trajectory, with the benchmark KSE-100 Index approaching the 80,000 points level. However, later in the day, profit-taking trimmed much of the day’s earlier gains, Mettis Global reported.

PSX opens after rally, but political turmoil might trigger bearish run

Despite this, the index closed in positive territory, strengthened mainly by a strong performance from Mari Petroleum. By the end of the trading session, the KSE-100 stood at 79,491.13 points, reflecting a rise of 158.08 points or 0.20 per cent.

Oil and gas exploration firm Mari Petroleum, saw its share price soar by 10 per cent after announcing a substantial 1,340 per cent dividend and an 800 per cent bonus shares issuance.

Such a large bonus share issue often attracts smaller investors by lowering the individual share price, though it does not alter the company’s overall valuation. This move also offered a psychological boost to the market.

The index remained in the green throughout the session, reaching an intraday high of 79,993.17 points, while the day’s low was 79,368.18 points.

Weekly borrowing update: Govt acquires Rs106.78 billion for budgetary support

Trading volumes for the KSE-100 Index reached 152.29 million shares. Sector-wise, the index received support from Oil & Gas Exploration Companies, Power Generation & Distribution, Technology & Communication, Automobile Parts & Accessories, and Food & Personal Care Products.

On the flip side, the Cement, Commercial Banks, Leather & Tanneries, Insurance, and Automobile Assembler sectors saw declines, weighing on the overall market performance.