Stocks close higher amid economic optimism

Continuing its upward momentum from last week, the equity market opened on a positive note on Monday, buoyed by a favourable economic outlook due to rising exports and surging remittances. The KSE-100 index, the benchmark for the Paki­stan Stock Exchange (PSX), started the day with bullish sentiment, peaking early in the session. However, profit-taking in the latter half of the day pulled the index to an intraday low of 79,368 points. Despite the volatility, the market closed at 79,491 points, witnessing a gain of 158 points (0.2 per cent). Several major stocks contributed to the mixed performance. On the downside, Meezan Bank Limited (MEBL), D.G. Khan Cement Company Limited (DGKC), United Bank Limited (UBL), Engro Corporation Limi­ted (ENGRO) and Oil and Gas Development Comp­any Limited (OGDC) collectively lost 126 points, pulling the index lower, the brokerage house Topline Securities said in its post-market report.