KARACHI: Amid easing geopolitical tensions and strong anticipation of relief for the agriculture sector in the upcoming budget, the stock market attracted renewed buying interest.
Overnight, Minister for National Food Security and Research Rana Tanveer Hussain stated that his ministry is actively working on eliminating the 18 percent general sales tax on local cotton in the upcoming budget.
According to brokerage Topline Securities Ltd, the benchmark KSE 100 index gained 638.50 points or 0.54 per cent to close at 118,971.41. Intraday excitement peaked with a high of 1,306 points, reflecting bullish sentiment across the board.
Heavyweights such as Lucky Cement, United Bank, Fauji Fertiliser, Engro Holdings, and Mari Energies collectively contribute 413 points to the index.
Cyclical stocks also stole the spotlight, with International Industries Ltd, Amreli Steels Ltd, International Steel Ltd, Maple Leaf Cement Factory Ltd, Lucky Cement, and DG Khan Cement catching strong investor interest and finishing the day in the green, outperforming their previous closes.
Ahsan Mehanti of Arif Habib Corporation said the PSX closed higher amid speculations in the pre-budget session, eyeing relief for agri sector and easing fears over Pak-India tensions.
Expectations of US tariff and trade incentives supporting exports, a falling fiscal deficit, and surging global crude oil prices contributed to a bullish close at the PSX.
Ali Najib, Deputy Head of Trading at AHL, said that investors chose to further strengthen their positions by engaging in some cherry-picking. On the news front, media reports regarding
“Reports of rollover of Chinese commercial loan of $3.7bn brought some positive vibes,” he added.
Trading activity remained robust as the trading volume rose 7.41pc to 741.65 million shares, and the value traded rose 0.34pc to Rs23.91bn.
Published in Dawn, May 30th, 2025
