Stocks rallied on Monday amid bets that central bank was set to extend its hawkish monetary stance in its November 4 meeting; however, late profit-taking dragged the market down from an intraday high above 91,000 points — in a first for the index.
Pakistan Stock Exchange’s (PSX) benchmark KSE-100 shares index gained only 201.55 points or 0.22% to close at a yet another all-time high of 90,195.51 after reaching an intraday peak of 91,054.83 points.
The market is abuzz with conjectures of a major loosening of the monetary policy stance on November 4, while lucrative corporate results are also spurring buying in sectors such as auto, cement, banking, energy, and power generation.
Topline Securities in a note said the session was marked by volatility, with the index swinging between a high of 91,055 and a low of 89,733 points as investors massively booked profits in an overbought market.
Expectations of a potential rate cut and robust earnings fuelled upward momentum, the brokerage said adding that Pakistan’s $1.4 billion loan application to China also strengthened morale.
Top contributors included Systems Limited , Colgate-Palmolive (Pakistan) Limited, Pakistan State Oil Company Limited, Pakistan Oilfields Limited, and Pakistan Petroleum Limited, which together added 341 points to the index.
