The Pakistan Stock Exchange (PSX) witnessed a bullish rally on Monday, with the benchmark KSE-100 Index gaining 3,908 points or 3.39%, closing at 115,259 points. This marks the third-highest single-day gain in history, following the record-breaking surges of 4,695 points on November 27, 2024, and 4,411 points last Monday. Notably, nine of the top ten single-day gains have occurred in 2024, with four of the top five since late November.
Trading volumes spiked, with 1.02 billion shares traded compared to 815.9 million shares the previous day, while the value of traded shares jumped to Rs. 40.28 billion from Rs. 32.9 billion. Out of 465 companies, 333 recorded gains, 84 faced losses, and 48 remained unchanged.
Economic Growth Update for Q1 FY2024-25
Earlier in the day, the National Accounts Committee (NAC) announced a modest Q1 economic growth rate of 0.92% for FY2024-25. The agricultural sector posted growth of 1.15%, while the industrial sector contracted by 1.03%, a notable improvement from the 4.43% contraction in Q1 FY2023-24. The services sector grew by 1.43%.
However, significant challenges persist in the agriculture sector, where overall crops contracted by 5.93%. Key crops, including cotton (-29.6%), maize (-15.6%), rice (-1.2%), and sugarcane (-2.2%), recorded sharp declines, contributing to an 11.19% contraction in major crops.
Despite these economic hurdles, the PSX’s strong performance signals investor confidence, buoyed by recent market reforms and improved sentiment.
