KSE-100 INDEX

The KSE-100 closed at a fresh all-time high, up 0.44% to 134,682, with breadth firmly positive (287 advancers against 142 decliners) on turnover of PKR 38.7bn. E&Ps did the heavy lifting — MARI, PPL and POL all closed firmly higher on firmer crude and progress reports on the offshore licensing round — while the large banks added index weight behind them: UBL pressed a new 52-week high and MCB rose 1.2% as the market continued to price a shallower easing cycle after the SBP's hold.

Food & Care was the session's laggard pocket, and the red was broad if shallow — OMCs, autos and textiles all eased fractionally. Fertilizer slipped with them as May urea offtake printed soft; EFERT closed 0.7% lower. Cement could not escape the drag either — LUCK underperformed its sector, off 0.7% as coal-cost chatter outweighed export-volume momentum.

Tomorrow's setup: the June CPI reading lands before the open — consensus sits at 4.1% y/y. A print below 4% would re-open the case for a 100bp cut at the July MPC and likely extend the duration trade in banks. Watch OGDC on circular-debt settlement headlines; any cash-flow clarity is a re-rating trigger for the whole E&P chain.