Stocks turn bullish on easing tensions

Amid easing geopolitical tensions and strong anticipation of relief for the agriculture sector in the upcoming budget, the stock market attracted renewed buying interest. Overnight, Minister for National Food Security and Research Rana Tanveer Hussain stated that his ministry is actively working on eliminating the 18 percent general sales tax on local cotton in the upcoming budget. According to brokerage Topline Securities Ltd, the benchmark KSE 100 index gained 638.50 points or 0.54 per cent to close at 118,971.41. Intra­day excitement peaked with a high of 1,306 points, reflecting bullish sentiment across the board. Heavyweights such as Lucky Cement, United Bank, Fauji Fertiliser, Engro Holdings, and Mari Energies collectively contribute 413 points to the index.