PSX extends rally, reclaims 175,000 mark

Arif Habib Limited (AHL) stated that the KSE-100 index advanced 1.96% on the day, with 83 shares rising and only 15 declining, as follow-through demand lifted the benchmark.

UBL, Lucky Cement and Meezan Bank were among the stocks that contributed the most to the gains.AHL report also highlighted a modest year-on-year rise in total cement dispatches for October, driven mainly by stronger domestic demand that offset weaker exports, and remarks from FBR Chairman Rashid Mahmood Langrial that the government intended to abolish the super tax gradually after an initial two-percentage-point cut.Topline's market review said that the PSX extended….

The KSE-100 maintained its upward trajectory, gaining 3,366 points (+1.96%) to reach 175,380 at close, further strengthening investor confidence and market sentiment.The positive momentum was primarily driven by easing geopolitical concerns, declining international oil prices and expectations of improved global economic stability following the US midterm election developments.

Buying activity remained broad-based, with key sectors, including commercial banks, cement, automobile assemblers, oil and gas exploration firms and oil marketing companies, attracting significant investor interest.The KSE-100 touched the intra-day high of 176,605 points before witnessing some profit-taking at higher levels.

Nevertheless, the broader market maintained a positive tone, as per Topline.

UBL, LUCK, MEBL, SYS and ENGROH emerged as the leading positive contributors, collectively adding 1,293 points to the index.

Their performance provided substantial support to the market's overall upward movement, Topline added.Overall trading volumes were recorded at 999.8 million shares compared with the previous session's tally of 841.6 million.

The value of shares traded during the day was Rs46 billion.In the ready market, shares of 501 companies were traded.

Of these, 365 stocks closed higher, 103 fell, and 33 remained unchanged.Cnergyico Pk was the volume leader with trading in 74 million shares, gaining Rs0.09 to close at Rs12.06.

It was followed by The Bank of Punjab with 70 million shares, gaining Rs0.80 to close at Rs31.70, and K-Electric with 61 million shares, gaining Rs0.14 to close at Rs6.14.

During the day, foreign investors sold shares worth Rs1.2 billion, the National Clearing Company reported.

PSX extends rally, reclaims 175,000 mark Our Correspondent | Updated 1 minute ago | KSE-100 surges 3,366 points in fourth consecutive positive session.