KSE-100
Bulls maintained control on the Pakistan Stock Exchange during midday trading on Wednesday, fueled by positive developments in the political landscape as parties made progress in forming the government at the center.
The benchmark KSE-100 Index exhibited strong gains, surging by 683.79 points or 1.13%, reaching a trading level of 61148.03 during intraday trading. Similarly, the KSE-30 Index showed a robust uptrend, adding 243.60 points or 1.20%, with a trading level of 20541.19.
The bullish market sentiment followed the recent agreement between the Pakistan Muslim League-Nawaz (PML-N) and the Pakistan Peoples’ Party (PPP) on power-sharing. This development injected optimism into the financial markets, reflecting positively in the stock indices.
In a press conference at Bilawal House, Bilawal Bhutto-Zardari announced that Shehbaz Sharif would be the joint candidate for prime minister, while Asif Zardari would be the joint candidate for president. Bhutto-Zardari also dismissed the chances of the Sunni Ittehad Council forming a government, stating that they lack the required numbers.
The political clarity and alignment between major parties on key positions contributed to investor confidence, driving the stock market’s upward trajectory. The agreement between PML-N and PPP appeared to have a unifying effect on market sentiment, with investors reacting positively to the prospects of a stable government formation.
As political developments continue to unfold, market participants are closely monitoring the situation for potential impacts on economic policies and overall market dynamics.
The collaborative approach between political entities has instilled a sense of stability, resonating positively in the financial markets during midday trading on Wednesday.
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