Karachi, September 21, 2023 – The Pakistan stock market witnessed a significant surge of 313 points on Thursday, driven by improved sentiments after the announcement of the general election date.
The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed at 46,202 points, marking a substantial gain from the previous day’s closing at 45,889 points.
Analysts at Topline Securities noted that Pakistan’s equity market experienced a surge in bullish sentiment following the Election Commission of Pakistan’s (ECP) announcement of the date for the upcoming general election. This development had a positive impact on investor confidence, leading to the noteworthy 313-point rise in the KSE-100 index.
The ECP announced today that the general elections are scheduled to take place in the last week of January 2024. This announcement effectively dispelled the prolonged political uncertainty that had been overshadowing investor sentiment for several months.
The major positive contributions to the index came from companies like LUCK, UBL, MCB, FFC, and MLCF, collectively adding 154 points to the index. However, MTL, COLG, and UPFL saw declines, weighing down the index by -44 points.
In terms of trading volume, over 171 million shares were traded at the bourse on this day, with a total value of Rs 5.3 billion. SEARLR2 led the volumes chart and witnessed a change of hands for over 25 million shares.
The announcement of the general election date has provided investors with a clearer political timeline, reducing uncertainty and boosting confidence in the Pakistani stock market.