Equities gain 398 points on refinery optimism
KARACHI: The Pakistan Stock Exchange (PSX) rallied on Monday amid renewed buying interest at attractive levels, despite no progress on a US-Iran deal over the Strait of Hormuz, amid fresh harsh comments from Donald Trump. However, the index managed to close in the green despite some mid-session selling pressure. Overall, the session reflected renewed investor confidence, particularly in the…
The Pakistan Stock Exchange (PSX) experienced a bullish session on Monday, gaining 398 points to close in the green. Despite no progress on a US-Iran deal over the Strait of Hormuz and harsh comments from Donald Trump, the index managed to close strongly on renewed investor confidence. The refinery sector attracted significant attention due to rumors of a potential signing ceremony for the long-awaited refinery policy.
This drove strong buying interest across Attock Refinery, Pakistan Refinery, National Refinery, and Cnergyico PK, which all closed in positive territory. The sector's significant contribution of 723 points boosted the benchmark index, while corporate earnings and macroeconomic improvements added to the positive outlook. However, profit-taking may cause market volatility in the near term, especially at elevated levels.
Written by urgent.news from Dawn Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
