PSX hits new high on institutional buying
The Pakistan Stock Exchange (PSX) continued its record-setting streak for a third consecutive session on Monday, with the benchmark KSE 100 index soaring to an all-time high of 163,847 points, up 1,590 points or 0.98 per cent. The rally, which pushed the index closer to the 164,000 mark, was largely driven by aggressive local mutual fund buying and institutional inflows. According to Topline Securities, the market began the day strong, reaching an intraday high of 1,646 points before settling at its record close. Data from the National Clearing Company of Pakistan Ltd (NCCPL) indicated that mutual funds were substantial net buyers, sustaining the bullish momentum from Friday’s trading session. Fauji Fertiliser Company, Pakistan State Oil, Habib Bank Ltd, National Bank of Pakistan, and Faysal Bank Ltd contributed significantly to the index’s performance, adding a combined 1,017 points. However, declines in stocks such as Engro Holdings, Lucky Cement, and Millat Tractor Ltd saw a partial offset of 206 points.