Bullish Momentum Sees PSX Gain Nearly 1,000 Points

The Pakistan Stock Exchange (PSX) began the new week on a high as buying momentum saw the benchmark KSE-100 Index gain almost 1,000 points on Monday.  The index closed the day at 114,230 points, up 982.77 points or 0.86 percent from its closing on Friday.  A total of 521,209,059 shares were traded during the day as compared to 499,846,692 shares the previous trading day, whereas the price of shares stood at Rs 28.29 billion against Rs. 24.82 billion on the last trading day.         448 companies transacted their shares in the stock market today with 279 recording gains and 116 sustaining losses, whereas the share price of 53 companies remained unchanged.  In a note earlier in the day brokerage house Intermarket Securities said that market will look forward to the next Monetary Policy Committee (MPC) meeting, in which consensus expectations should be for a 100bps cut to a policy rate of 12 percent and a potential conclusion of the easing cycle in the near term.  Results season should start soon as well, where payouts from banks may lift investor mood; however, results from cyclical sectors may not impress much, it added.  Speaking with Bloomberg’s program The Asia Trade today, Finance Minister Muhammad Aurangzeb said that the country is into a phase of economic stabilization and the government is now focusing on sustainable growth.  The minister said that Pakistan is preparing to debut Yuan-denominated bonds this year to shore up finances and expressed the government’s optimism of meeting the International Monetary Fund’s bailout terms.