KSE-100 surpasses 99,000 mark amid ongoing banking sector rally

The Pakistan Stock Exchange (PSX) saw a mixed trend on Monday, with the banking sector leading the gains. The KSE-100 index crossed the 99,000 mark, rising by over 1,200 points during trading.

The session began on a weak note, with the index hitting an intra-day low of 97,137.63 at 9:40 am.

However, renewed buying activity in the market drove the index above the 99,000 mark, reaching an intra-day peak of 99,317.47 before slipping back below 99,000.

The banking sector played a significant role in this surge, with stocks of commercial banks such as HBL, NBP, MEBL, and UBL showing gains. Other sectors like fertilizers and pharmaceuticals also contributed to the positive momentum.

Investors are also closely monitoring the political situation in Pakistan, as the opposition party, PTI, launched a “decisive” long march towards Islamabad on Sunday. The march has led to political unrest, with PTI supporters protesting against the government over various demands, including the release of political members from jail.

Meanwhile, global markets were upbeat, with Asian stocks rising by 1.6%, and US equity futures pointing to a higher open. The US dollar weakened, and bond yields dropped following the nomination of Scott Bessent as the next U.S. Treasury Secretary.

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