Karachi, The KSE100 Index surged notably, recording a week-on-week rise of 1.76%, driven by significant trading volumes and substantial gains among leading stocks, as per the latest financial summary.

According to JS Global, the KSE100 reached an intraday high of 71,986 points before closing at 71,902, up by 1,244 points from the previous week. The total traded volume for the week was substantial, with 452 million shares changing hands. Leading the gains were PPL, which rose by 6.63%, and HASCOL, which saw a 9.5% increase. Other notable contributors included FCCL, PAEL, and KEL with increases of 6.0%, 0.9%, and 3.1%, respectively.

The market's robust performance is attributed to strong activity in the Oil and Gas sector, which played a critical role in the market's overall rise. Additionally, the financial outlook remains optimistic with a strategic recommendation for investors to adopt a buy-on-dips approach in the Exploration and Production, Refinery, and Cement sectors, anticipating further market improvements.

Furthermore, Pakistan's foreign exchange reserves maintained stability with the State Bank of Pakistan's (SBP) reserves standing at $8.0 billion as of the last report. Anticipation of an increase to $9 billion next week follows the recent disbursement from the IMF, underscoring a positive trend in economic indicators that supports market confidence.