KARACHI: Pakistan stocks entered a consolidation phase during Monday’s session, with the benchmark index hovering near its all-time high levels. The index moved within a wide range, recording an intraday high of 636 points and a low of 398 points, before closing at 119,689 — up 40.49 points, or 0.03 per cent.
“The steady upward bias was supported by investor optimism following the release of a detailed IMF report, which offered a clearer picture of the country’s macroeconomic trajectory and policy direction,” Topline Securities stated.
However, the flat close reflected pre-budget uncertainty, a $3.4 billion trade deficit for April 2025 indicating weaker exports, and persistent geopolitical tensions, said Ahsan Mehanti, CEO at Arif Habib Commodities.
Investor concerns over proposed Rs700 billion in new tax measures and the IMF’s downward revision of Pakistan’s FY25 GDP growth forecast to 2.6 per cent from 3.2 per cent (October estimate) also played a role in limiting gains, he added.
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Adding to the positive sentiment, fresh developments on resolving the circular debt issue once again drew investor interest in key energy and gas sector players, including PPL, OGDC, PSO, SNGP, and SSGC.
Among major movers, ENGROH, PPL, and PSO collectively added 246 points to the index, while MARI, UBL, and LUCK shaved off 224 points.
“Investor sentiment remained cautious amid lingering concerns over the IMF’s budget-linked recommendations,” Al Habib Capital noted. “The IMF revised Pakistan’s FY25 GDP growth forecast to 2.6 per cent, citing weaker activity in the first half of FY25 and global headwinds.”
Market participation declined, with total traded volume slipping to 424 million shares and traded value dropping to Rs22.2 billion. FFL led the volumes chart, with 60.6 million shares changing hands.
With the index trading near record territory, the market appears to be taking a breather while maintaining a bullish undertone—awaiting stronger triggers to potentially break new ground.