Bulls dominated the trading floor on Thursday as shares gained over 800 points, which analysts attributed to “clarity on the formation of the new government” and the swearing-in of MNAs.
According to the PSX website, the KSE-100 index gained 873.38, or 1.37 percent, at 64,576.82 at 11:43 am from the previous close of 63,703.44 points.
The benchmark index sustained its gains throughout the day and closed at 64,578.52 points, up 875.08 or 1.37pc.
It should be noted that after posting losses overnight, the stock market resumed its upward drive on Wednesday due to political clarity and corporate solid results as investors opted to cherry-pick at attractive levels.
Topline Securities Ltd said the equities remained bullish almost throughout the session, thanks to further clarity regarding the formation of the new government in the Centre.
Speaking to Dawn.com, Mohammed Sohail, chief executive of Topline Securities, attributed today’s rally to “foreign buying” coupled with a “smooth transfer of power and formation of the [new] government,” which propelled equities.
Awais Ashraf, Akseer Research’s director, echoed the same sentiments. He stated that today’s maiden session of the 16th National Assembly, where newly elected representatives were sworn in, provided “clarity on the formation of the new government.”
Furthermore, he said investors’ optimism rose with the “anticipation of addressing economic concerns as a top priority.”
Shahab Farooq, research director for Next Capital Limited, said that the market continued its positive momentum due to “the first session of the new National Assembly scheduled today.”
