Stock exchange welcomes action against PTI, starts trading with 390+ points on Thursday
ISLAMABAD: Pakistan Stock Exchange today started trading on a bullish note and investors opted for value buying and cheered the newsflows.
The government’s action against violent PTI activists and IMF’s statement of continuing talks for a bailout program made the stock market bullish.
The KSE-100 index gained 390 points at 10:10 am and is currently trading at 41,464 points level.
The PSX index turned green this morning after seeing the blood bath for two consecutive sessions (Tuesday and Wednesday after the arrest of Imran Khan) as the positive sentiments mainly stemmed from the IMF’s fresh statement.
Sector-wise, Cement, Technology, Fertilizers, Commercial Banks, and Oil & Gas Exploration companies have witnessed the maximum gains so far.
Scrip-wise, LUCK, SYS, ENGRO, PKGS and POL observed the highest-buying activity.
In addition to it, the IMF sees no indication Pakistan wants to pause negotiations on disbursement from the current program.
According to IMF, Pakistan authorities have committed not to introduce a fuel cross-subsidy scheme in F23 and beyond.
Earlier this week, the local bourse observed huge selling pressure on the back of Chairman PTI Imran Khan’s arrest by the Rangers in the Al-Qadir Trust case from outside of the Islamabad High Court on Tuesday.
Following his arrest, major cities have become the victim of vandalism as the law and order situation has completely deteriorated.
Pakistan’s Stock market is one of the key economic indicators which reacts forthwith to the positive and negative developments within the country and abroad that influence the stock market.
