The Pakistan Stock Exchange (PSX) experienced a significant buying spree, with the benchmark KSE-100 index soaring over 1,500 points during the opening hours of the first trading session following the Eid-ul-Adha holidays on Thursday. By 11:05 am, the index was at 78,225.88 points, marking a substantial increase of 1,519.11 points or 1.98%.
The stock market had been closed from June 17 to June 19, 2024, in observance of the Eid-ul-Adha holidays. Upon reopening, a wave of buying activity was observed across several key sectors. These sectors included automobile assemblers, commercial banks, fertilizers, oil and gas exploration companies, oil marketing companies (OMCs), and refineries.
Significant index-heavy stocks such as OGDC, POL, SHEL, SNGPL, MEBL, and HBL all traded in positive territory, contributing to the overall market uplift.
The previous week saw the PSX in a bullish trend, reaching new highs after the government decided not to increase the tax rate on dividends and capital gains for filers, despite market rumors suggesting otherwise. This decision, coupled with an increase in taxes on other asset classes, continued to attract investor interest. As a result, the benchmark KSE-100 index surged by 2,952.75 points on a week-on-week basis, closing at an all-time high of 76,706.77.
Mohammed Sohail, CEO of Topline Securities, noted, “Positive sentiments continue amid hope that the new budget will help
