Karachi, September 4, 2023 – The Pakistan stock market witnessed a notable surge on Monday, with the benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) gaining 395 points.
This uptick in investor sentiment is primarily attributed to optimism surrounding the economic engagement led by the Chief of Army Staff (COAS).
READ MORE: Pakistan Stock Market Poised to Respond to Economic Developments Next Week
The KSE-100 index closed at 45,707 points, a substantial increase from the previous Friday’s closing at 45,312 points, marking a gain of 0.87 percent.
Analysts at Topline Securities noted that the Pakistan equities market commenced the week on a positive note, with investors responding favorably to the recent developments. The driving force behind this market rebound is the positive outlook stemming from a recent meeting involving COAS General Asim Munir.
READ MORE: Pakistan Equities Gain 310 Points Following Central Bank’s Clarification
During this meeting, General Asim Munir emphasized the critical role played by the Special Investment Facilitation Council (SIFC). He highlighted the council’s potential to attract significant investments, potentially up to $100 billion, from countries such as Saudi Arabia, the UAE, Kuwait, and others.
In addition to investment prospects, General Asim Munir assured business leaders of efforts to bring currency exchange under the tax net. This initiative aims to enhance transparency in dollar exchange rates and interbank rates, contributing to a more stable and predictable economic environment.
READ MORE: Pakistan Equities Plunge by 1,242 Points on Record-Breaking Rupee Slide
Stocks in sectors including Fertilizers, Exploration & Production (E&P), and Chemicals, including ENGRO, HUBC, PPL, COLG, and FFC, made a positive contribution to the market’s performance by adding 155 points. However, certain stocks like BAFL, INDU, and ARPL collectively experienced a loss of 28 points.
In terms of trading volumes, ASC dominated the charts with 11.2 million shares traded, while the overall market witnessed a trading volume of 138 million shares valued at Rs 4.4 billion.
READ MORE: Pakistan Stocks Slump by 526 Points on Interest Rate Hike Rumors
The market’s positive response to the COAS-led economic engagement highlights the significance of government initiatives and collaborative efforts in boosting investor confidence and fostering economic growth. Investors will be closely monitoring further developments in the coming days as Pakistan continues its pursuit of economic prosperity and stability.
