The 100-index of the Pakistan Stock Exchange (PSX) remained higher on Thursday, gaining 355.19 points or 0.58 per cent, closing at 61,914.34 points against 61,559.16 points the day earlier closing.
The positive momentum observed in the market continued from the previous day, with Pakistan equities initiating the trading session on a positive note, according to top analysts in the market. The bullish trend persisted throughout the day, reflecting a renewed confidence in the market. The 0.58 per cent gain in the KSE-100 index is seen as a testament to the growing optimism among investors.
The driving force behind the buying momentum appears to be a consensus emerging on the formation of a new government. Major political parties have reportedly reached an agreement and communicated their plans for an upcoming coalition setup. This development has instilled confidence in investors, leading to across-the-board buying throughout the trading session.
The driving force behind the buying momentum appears to be a consensus emerging on the formation of a new government.
A total of 324,830,445 shares valuing Rs 13.966 billion were traded during the day as compared to 362,771,035 shares valuing Rs12.492 billion the last day.
Some 352 companies transacted their shares in the stock market; 185 of them recorded gains and 143 sustained losses, whereas the share prices of 24 remained unchanged.
The three top trading companies were Pak Elektron with 23,114,152 shares at Rs 22.74 per share, Cnergyico PK with 21,245,331 shares at Rs 3.95 per share, and Pak Intl Bulk with 16,257,000 shares at Rs 6.22 per share.
Services Industries Limited witnessed a maximum increase of Rs 29.56 per share price, closing at Rs 657.00, whereas the runner-up was Systems Limited with a Rs 23.03 rise in its per share price to Rs410.40.
Indus Motor Company Limited witnessed a maximum decrease of Rs 82.07 per share closing at Rs 1,466.01, followed by Reliance Cotton Spinning Mills Limited with Rs 43.126 decline to close at Rs 531.88.
Analysts believe that the consensus on the formation of a new government has played a pivotal role in boosting investor confidence. The expectation of political stability and continuity in economic policies has led to increased interest in the stock market.