According to local media, Pakistan’s stock market made history on Monday when the KSE-100 index posted a record single-day gain.
On Monday, the bulls dominated trading at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 index rallying to new highs, gaining 1,700 points on the back of easing political turmoil.
According to Topline Securities, PSX made history by posting a record single-day gain in terms of index points for the KSE-100 index.
“KSE-100 index today gained 1,700 points in a single day to close at 46,145 level, breaching two barriers 45,000 and 46,000, which is a new record in the history of PSX,” it stated.
According to local media, the PSX index broke the previous single highest record of 1,566 set on June 5, 2017, as the market celebrated the rare smooth handover of power to the lower house despite last night’s protests.
Investors also took cues from the governor of the State Bank of Pakistan’s (SBP) assurance that timely measures will be taken to ensure economic stability, which helped the index break through the 46,000-point barrier.
Clarity on the political front following Imran Khan’s dismissal via a no-confidence motion – a first in Pakistani history – and diminishing concerns about the negative ramifications of political uncertainty encouraged market participants to buy stocks.
