PSX gains 504 points as market recovers from political turmoil

KARACHI – In a remarkable rebound, the Pakistan Stock Exchange (PSX) witnessed a surge in early trading today, with the index surging by 504 points before 11 a.m.

The benchmark KSE-100 index initiated the day at 47,418.63 points, mirroring yesterday’s closing figure, and swiftly advanced to reach 47,952.38 points within the first two hours of the session.

The morning session demonstrated a gradual yet steady enhancement in the index’s performance, underscoring a renewed sense of investor confidence. Although the ongoing devaluation of the Pakistani Rupee continues to exert pressure on the market, the upward trajectory of the overall index reflects a prevailing optimism within the market.

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This resurgence follows a session marked by a narrow trading range, echoing the prevailing concerns about escalating inflation, the devaluation of the Pakistani Rupee, and the anticipation of an impending policy rate hike.

Prominent independent economic analyst A. A. H. Soomro, sharing his insights on the matter while talking to HUM News said, “The market’s buoyancy has been rekindled as the anxieties stemming from presidential remarks have subsided, coinciding with a string of positive surprises during the earnings season.”

Soomro elaborated, highlighting that “Banks and Exploration and Production companies (EnP) have reported robust earnings growth, complemented by substantial dividends from the power sector. This convergence of favorable factors has ushered in a sense of stability from a macro default perspective.”