The 100-index of the Pakistan Stock Exchange (PSX) gained 365.32 points yesterday, completing the day with its highest-ever close at 86,205.66 points. This is the highest closing for the index so far due to heavy trading as 474,333,405 shares were exchanged against a total sum of Rs. 26.942 billion. The stiff numbers thus reflect a growing investor confidence in the market.
Investor optimism driven by the success of the Shanghai Cooperation Organization summit gave way to a rally in the 100 Index of the PSX, according to Topline Securities. The stated summit was held successfully and therefore set the expectation for regional political and economic stability, hence further enhancing market sentiment. Healthy corporate earnings from a range of sectors are also reported to contribute to the rally, thus improving overall performance.
The Pakistan Stock Exchange 100-Index also moved upwards following through with a positive power sector development. Stocks like LPL, NPL and NCPL go into upper circuits as the government announced its intention to pay the pending due amounts and presented four “take and pay” options to 18 Independent Power Producers established under the Power Generation Policies of 1994 and 2002. That surely worked out pretty well for the power sector and fueled further the overall market rally.
Some of the biggest movers driving the rise in the 100-Index of the Pakistan Stock Exchange were heavyweights like PPL, HUBC, PSO, OGDC, and SEARL. Those five companies added 368 points to their collective total, which gave the index a record close but told the story of strength in more than one market sector.
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