Pakistan Stock Exchange Rebounds with Over 400-Point Gain in KSE-100

The Pakistan Stock Exchange (PSX) witnessed a significant surge in sentiment on Monday, with the benchmark KSE-100 index gaining over 400 points during intra-day trading.

As of 2:04 pm, the benchmark KSE-100 index stood at 45,714.56, marking an impressive increase of 401.91 points or 0.89%.

The previous week had seen the PSX facing considerable pressure, characterized by a sharp decline due to heavy selling. Concerns surrounding the depreciation of the rupee and fears of further interest rate hikes contributed to this downward trend.

Over the course of the preceding week, the benchmark KSE-100 index had experienced a notable decline of 2,358.56 points on a week-on-week basis, closing at 45,312.66 points.

However, the market saw renewed optimism on Monday, with increased buying activity observed in index-heavy sectors. Positive gains were recorded in sectors such as automobile assemblers, cement, chemicals, commercial banks, oil and gas exploration companies, and oil marketing companies.

Market experts attributed this return of positive sentiment to a significant development involving Chief of Army Staff General Asim Munir. General Munir held a meeting with prominent figures from the business community at the Corps Commander headquarters in Lahore on Sunday.

During this meeting, the army chief and business leaders discussed the economic situation in the country. General Asim Munir emphasized the crucial role of the Special Investment Facilitation Council (SIFC) and highlighted its potential to attract substantial investments, potentially reaching up to $100 billion, from countries such as Saudi Arabia, the UAE, Kuwait, and others.

This development has been perceived as a positive signal by market participants, contributing to the rebound in sentiment in the Pakistan Stock Exchange.