The Pakistan Stock Exchange (PSX) witnessed a massive 1,421-point rally, allowing the benchmark index of the exchange, KSE-100 index, to cross 125,700 points, setting a new all-time high. According to reports, shares climbed rapidly on Monday as bullish sentiments caused the market to witness a “record-setting rally for the seventh consecutive session”.

 

The director of a reputable securities firm reportedly outlined the bull run witnessed by the KSE-100 index stems from taxation policies favouring equities. It merits a mention that national savings schemes have also witnessed a cut in their rates of return, drawing investments into the PSX.

 

Investor sentiment witnessed a boost because of the aforementioned developments, allowing the KSE-100 index to open in the green in the early hours of the day, with the upward momentum continuing until closing hours. The index reached an intraday high of 133,862.01 points. The index peaked at approximately 12:25 PM, after which the market closed at a lower, yet respectable, 133,370.14 points.

 

For reference, the KSE-100 closed at 131,949.06 points on Friday, after which the index recorded a growth of 1.08 percent during trading hours on Monday, leading to a 1,421.08-point rise. The market displayed a slowdown around 9:32 AM as the KSE-100 hit its intraday trading low of 132,467.12 points.

 

All 18 indexes listed on the exchange remained in the green with the All-share index (ALLSHR) growing by 1.23 percent, which translates into a 1,011.90 point rise in the index. Unlike the KSE-100, which tracks the performance of the 100 largest and most liquid companies, the ALLSHR index records the performance of all publicly listed companies on the PSX.

 

A number of companies witnessed a rise in share prices, with Crescent Jute Products Limited (CJPL) and Colony Textile Mills Limited (CTM) winning big, to the tune of growth rates that sat at 17.18 percent (CJPL) and 11.09 percent (CTM). 

 

However, not every publicly listed stock witnessed an improvement, as many companies witnessed sharp declines. Of these declining companies, the one that fared the worst during intraday trading was Popular Islamic Modaraba (PIM), which recorded a sharp 9.88 percent downward correction after being a top gainer in the previous trading session.

 

The trading volume of regular stocks stood at a colossal 1,096,574,477 shares, translating into a total value of approximately 54.5 billion rupees.