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In the midst of the week, the Pakistan Stock Exchange (PSX) is experiencing a bullish trend, marked by a significant surge in the benchmark KSE-100 Index, which has witnessed a rise of approximately 1,000 points. This positive momentum in the money market comes on the heels of optimistic developments on the political front, as key political players from the PML-N and PPP forged a late-night agreement to form a coalition government.
The initial trading sessions of the week had a subdued start, with investors exercising caution amid the prevailing political unrest. However, Wednesday saw a remarkable turnaround, with the share market gaining over 1,000 points.
Read more: PSX Drops 1,100 Points Amid Political Unrest
According to data on the PSX portal, the index was trading at 61,275.16 points around noon, reflecting an increase of 811.72 points or 1.48 percent from the previous close of 60,464.44.
While the external position of crisis-ridden Pakistan has seen limited improvement, the State Bank of Pakistan reported net foreign reserves amounting to $8 billion as of February 2024. This indicates a stabilization in the country’s financial landscape, contributing to the positive sentiment reflected in the stock market.
The surge in the PSX is attributed to the positive turn of events in the political arena, particularly the coalition agreement between the PML-N and PPP. Investors, initially cautious due to political uncertainties, seem to be responding favorably to the newfound clarity in the political landscape. The rise in the benchmark index is indicative of renewed confidence and optimism in the financial markets.
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