Karachi: After a sharp decline at the start of the week, the Pakistan Stock Exchange (PSX) witnessed a significant surge on Wednesday, with the benchmark KSE-100 index gaining over 926.92 amidst positive developments in government formation.
During the trading session, the KSE-100 index reached an intra-day high of 62,432.25, marking an increase of over 1,205 points. By the close of trading, the index settled at 62,153.84, recording a substantial gain of 926.92 points or 1.51%.
The positive momentum follows recent indications of progress towards the establishment of a new government, as various political parties express their willingness to collaborate. This news has bolstered investor confidence and injected optimism into the market after a period of uncertainty.
Earlier in the week, the PSX experienced a sharp decline in response to concerns regarding the government’s circular debt plan, leading to a drastic plunge in the benchmark index. However, the market rebounded swiftly, fueled by growing optimism surrounding political developments.
Furthermore, the stability of the Pakistani rupee against the US dollar in the inter-bank market provided additional support to investor sentiment. The rupee closed at 279.32 against the greenback, maintaining its position amidst prevailing market dynamics, as reported by the State Bank of Pakistan.
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