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PSX extends gains cheering consensus on next coalition govt

by News Desk
February 14, 2024
in Top Stories
PSX

The Pakistan Stock Exchange (PSX) extended its stellar run for a second day in a row mostly after the country’s major political parties negotiated their way out of a stalemate over ‘who forms the next government’, scoring 926.92 points or 1.51%, cutting post-poll loss to 1,990 points or 3.1%.

The benchmark KSE-100 Shares Index closed at 62,153.84 level, registering a total trading volume of 179.31 million shares, showcasing a market heavily tilted towards the upside. 

Arif Habib Limited in a note said the market continued its climb from sub-60,000 levels, adding another 4.26% to Tuesday’s gains. 

This surge brings the week-on-week performance to -1.38%. The rally was broad-based, with 83 stocks advancing and only 8 declining. 

The PPL, ENGRO, and EFERT were the top gainers, while OGDC, HUBC, and MEBL weighed down the index. 

As per news reports, the rally comes amid anticipation of revised gas prices by the Economic Coordination Committee (ECC) today (Wednesday).

Moreover, the International Monetary Fund (IMF) has also urged the government to raise gas tariffs by mid-February.

Notably, HUBC’s second-quarter earnings fell short of market consensus, with Dividend Per Share lower than anticipated. With this upward momentum, the index is strongly likely to test the 63,000-64,000 resistance zone.

Notably, 83 companies experienced gains, while only 8 reported losses. Additionally, 4 companies maintained their position, and 5 remained untreated.

Also read: PTI loses JI’s cooperation on K-P government formation

On Tuesday, former allies such as the Pakistan Muslim League-Nawaz (PML-N) and the Pakistan People’s Party (PPP) agreed to establish a coalition government, also giving an open invitation to the Pakistan Tehreek-e-Insaf (PTI) to become a part of the rapprochement process. 

Meanwhile, Moody’s Investors Service has warned that the ride for a coalition government would be extremely bumpy in terms of unity and political strength, causing problems in achieving consensus for needed reforms.
Market players are of the view that despite the political breakthrough, the resulting administration could be highly unstable. The political impasse ended after the PML-N-led alliance nominated former Prime Minister Shehbaz Sharif as Pakistan’s new parliamentary leader, meeting the PPP’s demands. 

A day earlier, the market plummeted below the crucial 60,000 level in the first 15 minutes after the opening bell amid the ongoing political uncertainty. 

Tags: Election 2024HUBCIMRAN KHANISLAMABADMEBLNawaz SharifOGDCPAKISTANPakistan Muslim League-Nawaz (PML-N)Pakistan Stock Exchange (PSX)PPPPTIpublic purveiw
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    ‘Call Me Bae’ review

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    25 years of Bebo: Bollywood’s ultimate performer

    Iqra Aziz

    Iqra Aziz steals spotlight in no-makeup look

    Deepika Padukone and Ranveer Singh welcome baby girl

    Deepika Padukone and Ranveer Singh welcome baby girl

    'Kyunki Saas Bhi Kabhi Bahu Thi' actor Vikas Sethi dies

    ‘Kyunki Saas Bhi Kabhi Bahu Thi’ actor Vikas Sethi dies

    Anees Bazmee confirms Bhool Bhulaiyaa 3 release date

    Anees Bazmee confirms Bhool Bhulaiyaa 3 release date

    Popular Indian tv actress Shweta Tiwari has once again mesmerized her lovers along with her present day photoshoot, wherein she looks breathtakingly lovely in a saree.

    Shweta Tiwari Stuns Fans with Gorgeous Saree Look

    Hania Amir

    Hania Amir demands Legal Action Over Fake AI video

    Sumbal Iqbal

    Sumbal Iqbal’s Beach Pictures Stuns Everyone!

  • Tech
    TECNO

    TECNO Launches PHANTOM V Fold2 & Flip2 5G – Innovation Redefined

    Pakistan Ranks Among Top Countries in Global Cybersecurity

    Pakistan Ranks Among Top Countries in Global Cybersecurity Index 2024

    Apple AI

    Apple AI expected to star as new iPhones are unveiled

    WhatsApp

    WhatsApp soon allow to message any APP

    YAMAHA

    YAMAHA self-driven bikes recognize its owner

    AI getting smarter by rereading questions

    AI getting smarter by rereading questions

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