The benchmark KSE-100 Index of the Pakistan Stock Exchange (PSX) soared by 4,411 points, or 3.87 percent, on Monday, closing at an impressive 113,924 points. This remarkable increase marks the second-highest single-day gain in the index’s history, trailing only the 4,695-point surge recorded on November 27, 2024.

The PSX has witnessed an extraordinary rally in 2024, with nine of the top ten highest single-day gains occurring this year. Notably, four of the top five gains have been recorded in the past 30 days, underscoring the market’s recent bullish momentum.

Across-the-board buying was observed in key index sectors including automobile assemblers, cement, chemical, commercial banks, fertilizer, oil and gas exploration companies, OMCs and power generation. Index-heavy stocks including HUBCO, PSO, SSGC, SNGP, MARI, OGDC, PPL, POL, HBL, MCB, MEBL and UBL traded in the green.

Trading activity also saw a significant uptick, with 806.7 million shares exchanged during the day, compared to 740 million shares traded in the previous session. The total value of shares traded stood at Rs. 48.23 billion, a sharp increase from Rs. 38.89 billion on the last trading day.

A total of 463 companies participated in Monday’s trading session. Of these, 361 recorded gains, 62 sustained losses, and 40 remained unchanged.

The ongoing rally has been attributed to a shift in investor sentiment, with many moving from fixed-income investments to equities. Analysts have pointed to mutual funds playing a key role in driving the historic surge in the PSX.