Daily Times

Stocks on Monday rallied to a fresh record ahead of a pivotal central bank meeting, fueled by investor optimism over a potential rate cut and a favourable economic outlook showing strength across key indicators.

The 100-Index of the Pakistan Stock Exchange (PSX) gained 1,078.15 points, a positive change of 1.19 percent, closing at 91,938.01 points as compared to 90,859.85 points on the last trading day.

A total of 589,546,678 shares were traded during the day as compared to 465,865,841 shares the previous trading day, whereas the price of shares stood at Rs 29.959 billion against Rs. 23.089 billion on the last trading day.

As many as 445 companies transacted their shares in the stock market, 258 of them recorded gains and 140 sustained losses, whereas the share price of 47 companies remained unchanged. The three top trading companies were Power Cement with 56,698,604 shares at Rs 7.12 per share, K-Electric Limited with 38,931,623 shares at Rs 4.85 per share and Maple Leaf with 36,957,197 shares at Rs41.53 per share. Indus Motor Company Limited witnessed a maximum increase of Rs.70.50 per share price, closing at Rs 1,989.28, whereas the runner-up was Rafhan Maize Products Company Limited with Rs 63.75 rise in its per share price to Rs 7,505.35.

Bela Automotives Limited witnessed a maximum decrease of Rs 40.59 per share closing at Rs 365.31 followed by Blessed Textile Limited with Rs 23.20 decline to close at Rs 226.80. Separately, most Asian markets rose Monday as investors steel themselves for a too-close-to-call US presidential election, while Chinese leaders meet to hammer out a stimulus package that experts say could be determined by the vote.

The gains came after a positive lead from Wall Street and data showing far fewer US jobs were created last month than expected, boosting hopes for a Federal Reserve interest rate cut when it gathers this week.

With Democratic Vice President Kamala Harris and her Republican rival Donald Trump neck and neck ahead of Tuesday’s poll, traders are keeping a close eye on any hint of an advantage either way. The dollar slipped Monday as a fresh opinion poll in Iowa — which Trump won in 2016 and 2020 — showed Harris leading. A victory for Trump is seen as being positive for the dollar and pushing up Treasury yields owing to his pledges to cut taxes and impose hefty tariffs on imports. Elections for the Senate and House of Representatives are also being closely watched amid speculation the Republicans could take control of both.