Market participants engaged in selective buying, encouraged by expectations of a 50 basis points rate cut in the upcoming monetary policy announcement on July 30.
According to a survey by Arif Habib Ltd (AHL), easing inflation and falling oil prices have raised hopes of monetary easing, strengthening market confidence, Deputy Head of Trading at Arif Habib Ltd, Ali Najib, noted.
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Adding to the bullish mood, global ratings agency Standard & Poor’s upgraded Pakistan’s sovereign credit rating to ‘B-’ with a stable outlook, citing continued IMF engagement and improving fiscal metrics. The upgrade also lifted prices of Pakistan’s long-dated bonds in the global market.
Heavyweights including ENGROH, UBL, LUCK, MEBL, and NBP contributed a combined 492 points to the index, offsetting declines in HBL, ABL, MCB, PSEL, and SRVI, which together shaved off 141 points.
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Market activity saw a slight dip, with total traded volume at 633.3 million shares and turnover amounting to Rs. 24.5 billion. Bank of Punjab (BOP) led the volume chart, with 50.2 million shares changing hands.
The benchmark KSE-100 index posted its fifth straight weekly gain, advancing by 610 points, or 0.44%. After opening the week at 139,142 points, the index touched an intraday high of 140,202 and a low of 138,150 before settling at 139,207 by Friday’s close.
Analysts expect the KSE-100 to maintain its bullish tone, with 137,000 serving as a key support level. A breach below this may push the index toward 135,000, where attractive valuations and expected monetary easing could attract renewed buying interest.