Pakistan Stock Exchange rise higher as privatisation dream is coming true
KARACHI: The Pakistan Stock Exchange experienced a 0.74% increase in its benchmark KSE-100 Index on Monday, following Finance Minister Muhammad Aurangzeb’s commitment to proceed with privatization and complete the PIA transaction within the current fiscal year.
The positive momentum was also influenced by the results of the by-elections, which favored the ruling alliance, indicating a growing likelihood of political stability and a consistent government.
Throughout the day, there was a surge in trading activity, particularly in the national flag carrier’s shares, which rose by 7.52%.
Despite this, the market was mainly driven by oil and gas companies, commercial banks, cement, and automobile assemblers.
The KSE-100 Index surpassed the 71,000 mark, reaching an intraday high of 71,861.18, a 1.20% increase.
By the end of the trading day, the benchmark index settled at 71,433.46, recording a net gain of 523.26 points.
This surge aligns with expectations of progress in negotiations with the International Monetary Fund (IMF) for a larger loan package under the Extended Fund Facility (EFF) and additional financing for climate-related projects.