ISLAMABAD: After a couple of moderate sessions, the announcement by the Election Commission of Pakistan (ECP) took the Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index into a bullish trend while gaining 131 points to settle at 46202.13. Earlier the ECP announced the general elections to be held in the country in the last week of January 2024, setting aside all rumors about the delay in election for about two years.
The announcement would no doubt bear an optimistic impact on the financial and political stability in the country, as it is predicted the PSX would witness further bullish trend in the coming days.
Earlier in the morning session, the market had a cool response where the index was struggling to reach the 46000 benchmark. However, after the announcement most of the top-tier companies preferred buying and remained in the green zone.
Among these companies, Commercial banks, cement, and oil & and gas exploration sectors were leading contributors while adding over 230 points to the index. Meanwhile, Wednesday, witnessed a flat and weak response in the market with little interest from the investors as the market was awaiting for a trigger to boost.
Meanwhile, according to the market experts, the continued improvement (13th consecutive session) in the local currency would be a bonus for improvement in the market in the coming days.
Bullish Trend at PSX
On Thursday, volume on the all-share index went up to 172.16 million from the last day stand of 129.37 million, whereas the value of shares increased to Rs5.345 billion from Rs3.64 billion on Thursday.
SEARLR2 remained the volume leader with 25.2 million shares, whereas Maple Leaf settled as the runner up with 15.3 million shares, followed by WorldCall Telecom with 7.6 million shares.
In total, 327 companies transacted their shares, 195 witnessed gain, 102 recorded loss and 30 remained unchanged.
