Bulls toss PSX to new peak above 62,000
The benchmark of representative shares on the Pakistan Stock Exchange hit a new peak by crossing the psychological barrier of 62,000 points on Monday. Topline Securities Ltd attributed the bull run to the investors’ “fear of missing out” as buying took place across the board. Any correction is witnessed sector-wise instead of across the board, it said, adding that dips are usually observed on an intraday basis. Cement and banking sectors faced some selling headwinds as investors booked profits in their stocks. Subsequent proceeds were diverted to energy sector stocks, it noted. Arif Habib Ltd said the KSE-100 index has now risen 55 per cent year-to-date and remains on course for its best year in a decade. According to JS Global Capital Ltd, investors should use any dips in banking and exploration and production sectors as opportunities to accumulate shares. As a result, the KSE-100 index closed at 62,493.05 points after gaining 801.80 points or 1.3pc from the preceding session.