Karachi, August 9, 2023 – The bullish trend continued to dominate the stock market on Wednesday, marking the final day of the current government’s tenure, as the KSE-100 index recorded an impressive gain of 798 points.
The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed at 48,228 points, showcasing a significant rise from the previous day’s closing figure of 47,430 points.
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Notably, investor sentiment was uplifted by Prime Minister Shehbaz Sharif’s announcement of sending an advice to the President for the dissolution of the National Assembly on August 9, 2023.
Analysts at Ismail Iqbal Securities noted that the equity market witnessed a surge following reports that the International Monetary Fund (IMF) had given approval for the dividend plug-in back scheme. This scheme is aimed at addressing circular debt in the gas sector, which contributed to boosting market sentiment.
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The trading volume for the day slightly decreased to 311 million shares, compared to the 336 million shares traded in the previous session. Notably, the power generation and distribution, oil and gas exploration companies, and commercial banks sectors emerged as the primary drivers of today’s session, collectively contributing 385 points to the overall index gain.
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