PSX Closes Above 90,000 Level in Anticipation of Rate Cut

The 100-Index of the Pakistan Stock Exchange (PSX) gained 201.55 points on Monday to close at 90,195.52 points as compared to 89,993.97 points on last trading day.   A total of 567,264,435 shares were traded during the day as compared to 695,544,676 shares the previous trading day, whereas the price of shares stood at Rs 29.210 billion against Rs. 37.873 billion on the last trading day.   As many as 456 companies transacted their shares in the stock market, 179 of them recorded gains and 222 sustained losses, whereas the share price of 55 companies remained unchanged.  The three top trading companies were Fauji Foods Limited with 53,645,675 shares at Rs. 10.44 per share, K-Electric Limited with 29,876,223 shares at Rs. 4.36 per share and Sui Southern Gas Company Limited with 27,406,470 shares at Rs. 12.83 per share.  Unilever Pakistan Foods Limited witnessed a maximum increase of Rs. 333.00 per share price, closing at Rs. 19,018.00, whereas the runner-up was Siemens (Pakistan) Engineering with Rs. 111.47 rise in its per share price to Rs. 1,226.19.  Hoechst Pakistan Limited witnessed a maximum decrease of Rs. 147.72 per share closing at Rs. 2,202.28 followed by Nestle Pakistan Limited with Rs. 85.46 decline to close at Rs. 838.57.  In a brief note, brokerage house Topline Securities highlighted that the trading session exhibited significant volatility, with the index reaching a high of 91,055 and a low of 89,733 as investors took advantage of profit opportunities.  However, upward momentum was driven by expectations of an imminent rate cut in the upcoming monetary policy, alongside strong corporate earnings. Furthermore, investor sentiment was bolstered by the announcement of a $1.4 billion loan sought from China, Topline added.