Pakistan Stock Exchange gains around 1,000 points after coalition announcement.
The Pakistan Stock Exchange (PSX) surged mid-week as the benchmark KSE-100 Index recorded a remarkable increase of nearly 1,000 points, signaling a notable turnaround following a period of uncertainty.
The upswing came after a tentative start to the trading week, with investors treading cautiously amidst ongoing political instability.
However, investor sentiment received a significant boost as major political factions, including PML-N and PPP, reached a late-night agreement to form a coalition government.
This development infused the market with renewed optimism, prompting a substantial rise in share prices.
Also read: Pakistan Stock Exchange crosses benchmark of 50,000 points
Data from the PSX portal revealed that the index surged to 61,275.16 points by midday, marking an impressive uptick of 811.72 points or 1.48 percent from the previous day’s close of 60,464.44 points.
The positive momentum in the stock market was further bolstered by signs of improvement in the money market, underscoring growing confidence among investors.
Despite the challenges posed by the external economic landscape, Pakistan’s crisis-hit economy showed signs of resilience, with the State Bank of Pakistan reporting net foreign reserves of $8 billion as of February 2024.
The uptick in reserves is expected to play a pivotal role in stabilizing the economy and fostering investor confidence in the foreseeable future.
As Pakistan Stock Exchange gains around 1,000 points after coalition announcement, market participants remain vigilant, poised to capitalize on emerging opportunities amid ongoing developments.
