KARACHI: The Pakis­tan Stock Exchange (PSX) continued its upward trajectory as clarity emerged regarding the unveiling of the federal budget for the next fiscal year on June 10.

Ali Najib, Deputy Head of Trading at AHL, stated that the Pakistan Stock Exchange (PSX) experienced a positive session. The benchmark index closed at 119,691.09 points, reflecting a gain of 719.68 points, or 0.60pc. This marks an addition of 1,359 points to the index in the last two sessions.

The bullish momentum from the previous session continued, with the index briefly approaching the psy­­chological 120,000 mark by recording an intraday high of 119,914 points — an increase of 943 points.

Strong investor interest was observed across major index-heavy sectors, inclu­ding cement, chemicals, com­­mercial banks, fertili­sers, oil and gas exploration, refineries, OMCs, and power generation — signalling renewed investor confidence and solid institutional participation.

According to brokerage Topline Securities Ltd, the top positive contributors to the index were Fauji Fertiliser, Meezan Bank, Hub Power, Packages Ltd, Engro Holdings, and MCB Bank, which collectively contributed 668 points to the index.

Ahsan Mehanti of Arif Habib Corporation said investors picked blue-chip scrips in the oil, banking, and fertiliser sectors amid hopes for a positive federal budget announcement.

Expected budgetary relief for the oil refineries, real estate, and agriculture sectors, as well as the proposed levy of a 1.5pc tax on imports to support industrial growth and rupee stability, played a catalyst role in the bullish close at the PSX.

However, market participation weakened in the weekend session as the trading volume tumbled 21.75pc to 580.31 million shares while the value traded dipped 4.88pc to Rs22.74bn day-on-day.

Published in Dawn, May 31st, 2025