Karachi: Positive sentiments led by political clarity over formation of new government were witnessed at Pakistan Stock Exchange (PSX) as benchmark KSE-100 index crossed 65,000 level during trading.

At close, benchmark index settled at 65,325.69, an increase of 747.16 points or 1.16 percent. Earlier, KSE-100 hit an intra-day high of 65,472.58. Mixed trend was witnessed among index-heavy sectors with Engro, PSO and some auto sector stocks seeing an upsurge. Volume on all-share index decreased to 344.22 million from 424.04 million session ago. Value of shares declined to Rs 13.38 billion from Rs 17.05 billion in previous session. Kohinoor Spinning was volume leader with 71.35 million shares followed by K-Electric Ltd with 19.42 million shares and Treet Corp with 17.47 million shares.

Shares of 350 companies were traded on Friday of which 172 registered an increase, 158 recorded fall while 20 remained unchanged. Experts believe cooling of political temperatures is driving stock market as coalition government is expected to take charge of country’s affairs. In key development, caretaker Finance Minister Dr Shamshad Akhtar in Ministry of Finance report said new government must complete last review of International Monetary Fund Stand-By Arrangement.

Globally, Asian markets were largely higher on Friday following Wall Street gains driven by tech rallies and key US inflation data that met investors’ expectations. While AI optimism helped buoy trading in New York, global markets diverged over questions about when Fed may begin cutting interest rates. Fresh personal consumption expenditures price index figures helped shore up confidence those long-awaited cuts were likely in offing this year.

Published in The Daily National Courier, March, 02 2024

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