In a promising turn of events, the Pakistan Stock Exchange (PSX) experienced a bullish trend on Thursday, with the benchmark KSE-100 index surging by over 1,000 points during intraday trading.
The day kicked off on a positive note, buoyed by a sense of political stability and encouraging economic developments, prompting investors to dive into the market. By 2:30 pm, the KSE-100 index had soared to 64,760.65, marking an impressive increase of 1,057.21 points, equivalent to 1.66%. At its peak, the benchmark index hit an intraday high of 64,801.63 points.
Investors showed a keen interest, resulting in widespread buying, particularly in index-heavy stocks like OGDC, PPL, and SNGPL, which all recorded significant gains.
On the political front, the 16th National Assembly’s inaugural session transpired, where elected members took their oaths, possibly contributing to the overall positive sentiment.
Adding to the positive vibe was a notable economic development – China’s agreement to extend a $2 billion loan to Pakistan. The confirmation came from Shamshad Akhtar, the caretaker Finance Minister, in response to a media inquiry.
These combined factors fueled optimism in the market, highlighting the interplay between politics, economy, and investor confidence in shaping the trajectory of the Pakistan Stock Exchange. As the day unfolded, it became evident that clarity on the political horizon and positive economic indicators had set the stage for a bullish day in the stock market.
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