KARACHI – Pakistan Stock Exchange (PSX) on Thursday witnessed a bullish trend as several political and economic developments have lifted investor confidence, triggering buying rally.
The KSE-100 index recorded an increase of 2,100 points within the first half hour of trading, with the index reaching 160,379 points compared to previous close of 158,183 points.
Analysts noted a positive trend in buying activity as investors were encouraged by the perceived continuity in the current political setup, which has been bolstered by the passage of the 27th constitutional amendment by the National Assembly.
An expert said that the amendment passed smoothly through the National Assembly and is expected to provide stability, thereby reducing uncertainty in the market.
In addition to the political factors, the expert highlighted that concerns about potential regional conflict following recent explosions in India were eased after India refrained from directly accusing Pakistan.
Furthermore, news that the International Monetary Fund’s (IMF) Executive Board meeting, scheduled for the first week of December, will approve a $1.2 billion loan tranche for Pakistan also contributed to the market’s optimism.
