Daily Times

After a long period of political uncertainty, the Pakistan Stock Exchange (PSX) saw the KSE-100 Index surge 1,700 points on Monday, the greatest day-on-day increase in points, to break the 46,000-point barrier.

A rise of 1,700.38 points or 3.83 percent brought the KSE-100 Index to a final closing value of 46,144.9 6. This is the sixth-highest year-over-year increase since the start of 2010. Since June 2017, the KSE-100 has climbed by 1,566 points on a daily average basis.

According to a market expert, recent government pronouncements about prioritizing the economy and continuing negotiations with the International Monetary Fund (IMF) have also strengthened the market mood. This movement has been fueled by “the restoration of political certainty,” he added.

Concerns about political upheaval following a no-confidence motion against Prime Minister Imran Khan have kept the PSX under pressure. Commodity prices are rising and the rupee is depreciating, therefore the index has been stuck between 42,000 and 46,000 for the previous six months. In November of last year, it was trading at moreover 47,000.

During the course of the week, the KSE-100 index fell by 707.53 points and concluded at 44,444.58 points.

There were several significant events over the weekend, though. The no-confidence motion was concluded early on Sunday morning, ostensibly putting a stop to political turbulence following weeks of uncertainty.

Banking (496.20 points), cement (309.83 points), and the technology and communications sector were the main drivers of the benchmark index’s upward movement on Monday (271.53 points).

There was a considerable increase in volume on the all-share index, from 227.88 million on Friday to 557.67 million on Monday.

Additionally, the volume of shares traded increased to Rs13.36 billion, up from Rs6.79 billion in the prior session.

There were 140.8 million shares of WorldCall Telecom, followed by 40.15 million of Cnergyico PK and 18.18 million of Fauji Cement. 386 firms’ stock exchanged hands on Monday; 330 saw their shares rise, 45 saw them fall, and 11 saw their shares stay the same.