PSX continues bullish run, gains over 700 pointsBreaking

February 26, 2024

The Pakistan Stock Exchange (PSX) commenced the trading week on a notably bullish note, with the benchmark SE-100 index witnessing a robust surge, gaining a remarkable 707 points today. In the early trading hours, the KSE-100 index demonstrated an impressive ascent, rising by 707 points or 1.06 percent, reaching 63,525 at approximately 9:55 am local time. This surge follows yesterday's closure at 62,815 points, marking a notable continuation of the positive momentum witnessed in recent sessions. Last week's trading activities also depicted a promising trend, with the index registering a significant increase of 901 points on the final business day. The ongoing bullish sentiment in the market has been largely attributed to recent political developments, particularly the agreement between the Pakistan Peoples Party and the Muslim League (N) to form the government, announced on February 21. Market analysts have underscored the positive impact of this agreement on investor confidence and market dynamics.

Speaking to a private Tv news channel Mohammad Sohail, Chief Executive of Topline Securities, remarked on the market's buoyancy following the news of the political consensus, attributing the surge to renewed investor optimism. Echoing similar sentiments, Owais Ashraf, Research Director at Akshir, emphasized the restoration of investor confidence following the clarity surrounding the formation of the new government. Yousuf M. Farooq, Director of Chase Securities, highlighted the positive market sentiment following the resolution of uncertainties regarding the new government's formation, noting the stock exchange's upbeat start in response to the recent developments. With the market exhibiting resilience and investors showing renewed enthusiasm, analysts remain cautiously optimistic about the trajectory of the PSX in the coming sessions, closely monitoring both domestic political dynamics and international market trends for further insights.

Credit: Independent News Pakistan (INP)