The Pakistan Stock Exchange (PSX) performed well on Monday, with all index indicators remaining in the green. The PSX's benchmark index, the KSE-100, increased 1,055 points by the end of intraday trading, closing at 111,377 points.

 

KSE-100 hit an intraday low of 109,948 points. However, the market witnessed a significant shift as bullish sentiments took charge. According to data from the PSX, KSE-100 experienced a noticeable amount of variation, with the intraday high sitting at a respectable 111,622 points.

 

The PSX peaked in early January when the KSE-100 crossed 117,000 points. Analysts have argued that Islamabad’s crusade against non-filers and tax evaders resulted in a recent slump in the PSX. Their grounds for making these claims are that Islamabad’s policy measures restricted those not complying with tax laws from partaking in trading activities.

 

However, with the market seemingly recovering, investors are less likely to complain about Islamabad’s crackdown on non-compliers.

 

The JS Momentum Factor Index (JSMFI) outperformed every other index as it closed the day 3.22 percent higher than it had been listed for. This increase translates to a 1018-point rise in the index. As per the PSX, the JSMFI tracks the performance of listed stocks with the best momentum. This could help explain the index’s strong performance during trading hours.

 

Conversely, the JS Global Banking Sector Tradable Index (JSGBKTI) displayed the lowest growth rate among indexes as it grew by a measly 0.06 percent. The JSGBKTI aims to measure the total returns on the Banking Sector Tradable Index. The index closed a little under 17 points higher than the start of intraday trading.

 

Following the positive trend, the All Share Index posted a healthy 620-point rise, which translates to approximately a one percent increase in its value.

 

The company that benefitted the most during trading hours was Attock Refinery Limited. Data reveals that the share value of the company surged by 10 percent. Bank of Punjab was a distant second as its shares rose 6.97 percent in value. The only other company to record a six-plus percent increase in share value was Honda Atlas Cars Limited, as its share value rose by 6.41 percent.

 

Honda’s strong performance on the exchange comes despite being the centre of negative attention in a recent ‘scandalous’ case. Allegedly, corrupt practices were used to grant the auto manufacturer the contract to produce over 1000 cars for the nation’s tax watchdog, the Federal Board of Revenue (FBR).

 

However, trading comes with significant financial risks. This was demonstrated by Pak-Gulf Leasing Company Limited’s 9.38 percent nosedive during intraday trading. Furthermore, Punjab Oil Mills Limited declined significantly as it lost approximately five percent of its share value during trading hours.