Pakistan Stock Exchange (PSX) closed at a record high, with the KSE-100 index, ending the day at 120,450.87, marking its first closest ever over 120,000 points.
The market got 1,573.07 points or 1.32%and reached an intra-day high of 120,693.83 and a low low of 119,129.51.
Trade volume amounted to 315,235,806 shares with a total value of 20,897,236,653. The previous closure was 118,877.80.
Record-Breaking Bullish atmosphere comes in front of Pakistan’s budget this month.
Earlier on Monday, the KSE-100 index experienced significant volatility with an intra-day height of 1,018 points and a low level of 899 points, which eventually closed at 118,878, down by 813 points (0.68%).
The fall was mainly attributed to concern over proposed tax increases on banking and savings schedules, additional oil taxes and rising inflation.
The Consumer Price Index (CPI) increased by 3.5% years to year in May due to higher food prices, damping of market mood.
Analysts, including Ahsan Mhanti from ARIF HABIB CORP, noted that the bearish market was driven by uncertainty prior to the FY26 budget, geopolitical tensions and fluctuations in rupe.
Topline Securities emphasized that the sales pressure came from concern for a potential tax increase of 2-3% on passive income. While some shares such as Pakgen Power, National Foods, Meezan Bank and the National Bank of Pakistan supported the index, shares weighing shares such as Systems Limited, Engro Holdings and Pakistan Petroleum.
Trade volume fell to 497.9 million shares from 580.3 million the previous day. The market saw mixed performance, with 29 shares increasing, 71 falling and 464 companies traded together. Dewan Cement was the link manager, while foreign investors sold shares worth RS1.97 billion.
Analysts are cautious, suggesting that the market may have continued pressure in the short term, but it can provide a purchase option in certain sectors such as cement, car and fertilizer.
