The Pakistan Stock Exchange (PSX) opened the week with a robust rally, fueled by political stability, as the KSE-100 index surged more than 700 points during intra-day trading on Monday.
The market responded positively after the ruling party successfully passed a highly debated constitutional amendment during an overnight session, calming political uncertainty. By midday, the KSE-100 index had risen by 700.25 points, or 0.82%, reaching 85,950.34 points, up from the previous session’s close of 85,250.09 points.
Sana Tawfik, an economist at Arif Habib Limited, pointed to the restored political clarity as the key factor behind the rally. “There’s a renewed sense of certainty. The political noise surrounding the amendment has settled, and this has contributed to the market’s rise today,” she said.
Tawfik also highlighted that trends in refineries and cement stocks have contributed to the market’s positive movement.
Looking ahead, Tawfik mentioned that investors are eagerly awaiting the upcoming monetary policy announcement on November 4, with expectations of a 200-point interest rate cut, which could further bolster investor confidence.
Additionally, she noted that the ongoing corporate earnings season is adding to the market’s momentum, as positive financial results are anticipated. “So far, the market has only seen encouraging developments, which continue to drive the rally,” she concluded.
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