Karachi: Pakistan Stock Exchange (PSX) witnessed bullish session as its benchmark KSE-100 closed nearly 1 percent higher amid hope of cut in policy rate.

KSE-100 started week’s first session on strong buying spree that led index beyond 74,000 for first time in history. However, KSE-100 was unable to sustain level due to some late-session selling but still closed at record high. At close, benchmark index settled at 73,799.11, up by 713.61 points or 0.98 percent. Across-the-board buying was witnessed in key sectors including automobile assemblers, construction, chemical, oil and gas exploration companies, OMCs and refinery. Index-heavy stocks including Lucky Cement, Engro, PSO and SNGPL were in green. Volume on all-share index decreased to 721.6 million from 741.2 million session ago. Value of shares increased to Rs 25.65 billion from Rs 25.27 billion in previous session.

Cnergyico PK was volume leader with 64.22 million shares, followed by WorldCall Telecom with 51.64 million shares and Hum Network with 29.02 million shares. Shares of 387 companies were traded on Monday, of which 241 registered an increase, 120 recorded fall while 26 remained unchanged. Globally, Asian shares crept to 15-month highs on Monday in week where inflation figures could make or break hopes for earlier US rate cuts, while Chinese activity data will test optimism about sustained recovery in world’s No. 2 economy.

Beijing has already reported welcome pickup in inflation to an annual 0.3 percent in April, helping to soothe worries about slide into prolonged deflation. Chinese authorities are also set to sell 1 trillion yuan ($138.24 billion) in longer-dated bonds to help fund stimulus spending at home. MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.2 percent, after rallying for three weeks straight.