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Home Business

KSE-100 gains on political clarity

by Web Desk
February 26, 2024
in Business
Reading Time: 2 mins read
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KSE-100 gains on political clarity
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The Pakistan Stock Exchange (PSX) continued its positive trajectory, experiencing a robust gain of over 1.2% during the opening hour of trading on Monday. The benchmark KSE-100 index, a key indicator of market performance, soared to 63,560.66, marking an impressive increase of 744.85 points or 1.19%. At its peak, the index touched 63,602.27, reflecting a strong bullish trend.

The surge in the stock market is attributed to newfound clarity on the political front, with provincial assemblies in Sindh and Punjab taking shape. This development has significantly improved investor sentiment, leading to increased buying activity. Several sectors, notably auto, cement, and oil & gas, witnessed substantial gains. Key stocks such as OGDC, PPL, and SNGPL displayed positive movements, contributing to the overall market upswing.

Analysts suggest that the positive momentum is not only a result of political stability but also stems from anticipation of robust corporate performance and positive economic developments. Investors are optimistic about the future outlook, contributing to the overall bullish sentiment in the market.

On the international front, Asian shares experienced a temporary halt near seven-month highs as investors awaited crucial inflation data from the United States, Japan, and Europe. The Federal Reserve’s core personal consumption expenditures (PCE) price index, a key measure of inflation, is scheduled for release on Thursday. Forecasts indicate a potential rise of 0.4%, surpassing earlier expectations. This international backdrop, while influencing global markets, did not hinder the PSX’s upward trajectory.

During the preceding week, the PSX demonstrated a bullish trend, recording substantial gains. Revived investor interest followed the agreement among major political parties to proceed with the formation of a coalition government. The benchmark KSE-100 index surged by 2,942.86 points on a week-on-week basis, concluding at 62,815.82 points.

The current positive momentum in the PSX reflects a confluence of political stability, optimistic economic outlook, and positive corporate expectations, creating a favorable environment for investors.

Tags: KSEPCEPSX
Web Desk

Web Desk

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