The Pakistan Stock Exchange’s benchmark index gained more than 600 points to settle near 66,000 levels on Monday as PML-N President Shehbaz Sharif began his second term as prime minister of Pakistan.
According to the PSX website, the KSE-100 index gained 626.04 points or appreciated by 0.96% to close at 65,951.72.
The benchmark index was supported by oil and gas exploration companies, power generation and distribution, Cement, oil and gas marketing companies, and technology and communication.
Experts attributed such gains to clarity in the formation of government. Earlier in the day, President Arif Alvi administered the oath of office to Shehbaz, the younger brother of Nawaz Sharif.
The younger Sharif was elected as the prime minister on Sunday by securing 201 votes.
Additionally, a lower headline inflation reading for February gave impetus to sentiment that Pakistan’s central bank would start its monetary easing cycle earlier than expected.
Some 355 companies transacted their shares in the stock market; 184 of them recorded gains and 150 sustained losses, whereas the share prices of 21 remained unchanged.
The three top trading companies were Kohinoor Spinning with 67,438,500 shares at Rs 5.68 per share, WorldCall Telecom with 60,210,704 shares with 1.37 per share and K-Electric 36,839,432 shares at Rs 5.02 per share.
Mari Petroleum witnessed a maximum increase of Rs 68.45 per share price, closing at Rs2,530.50, whereas the runner-up was Bhanero Textile Limited with a Rs 55.62 rise in its per share price to Rs1,050.00.
Rafhan Maize Products Company Limited witnessed a maximum decrease of Rs213.38 per share closing at Rs8,636.72, followed by Philips Morris Pakistan Limited with Rs40.33 decline to close at Rs731.67.
Globally, Asian share markets firmed on Monday as the Nikkei reached another new high and investors braced for a week packed with central bank events and major data that will refine market wagers for when interest rates will start falling.
All eyes will be on Federal Reserve Chair Jerome Powell when he testifies before lawmakers on Wednesday and Thursday, though analysts assume he will stay in wait-and-see mode on policy given recent upside surprises on inflation.
(With input from APP)
