Pakistan Stock Exchange Gain of Nearly 1100 points.
In a significant uptick, the Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index concluded Wednesday’s trading session at 61,559.16, marking a substantial surge of 1,094.91 points or 1.81%.
This surge is attributed to a newfound political unity among major parties, signaling the potential formation of a coalition government. Investor sentiment was buoyed by the consensus reached by key political players, reflecting optimism about the country’s political stability and economic prospects.
However, the incoming government faces the formidable challenge of securing an expanded International Monetary Fund (IMF) loan program to address the nation’s significant debt obligations, posing a critical test for policymakers.
Despite post-election setbacks, market losses have been significantly reduced to 2,585 points or 4%, underscoring the market’s resilience amidst political developments.
Throughout the trading day, the KSE-100 index remained positive, reaching an intraday high of 61,620.86 (+1,156.61) and a low of 60,906.98 (+442.74) points.
Trading activity was robust, with the total volume of the KSE-100 index recording 210.578 million shares. Among the 100 index companies, 76 witnessed an upward trend, 16 experienced a decline, while 8 remained untraded.
The surge in the KSE-100 index was driven by strong performances in various sectors, particularly Oil & Gas Exploration Companies (189.42 points), Commercial Banks (188.19 points), Cement (159.58 points), Technology & Communication (108.29 points), and Pharmaceuticals (101.68 points).
Pharmaceutical stocks maintained their upward trajectory, with all companies in the KSE-100 index hitting their upper circuit for the second consecutive session. This surge follows the government’s recent relaxation of drug pricing policies, further enhancing investor confidence in the sector.
In contrast, Textile Composite (-20.41 points), Miscellaneous (-14.63 points), Automobile Parts & Accessories (-10.52 points), and Textile Spinning (-1.13 points) exerted downward pressure on the index.
Key contributors to the index’s upward momentum included OGDC (82.41 points), LUCK (69.22 points), PPL (59.67 points), UBL (57.18 points), and TRG (53.66 points). Conversely, companies such as PSEL (-29.75 points), ILP (-21.36 points), AKBL (-13.65 points), PKGP (-12.25 points), and THALL (-10.52 points) dragged down the index.
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