{"id":59948,"date":"2024-02-14T10:46:50","date_gmt":"2024-02-14T10:46:50","guid":{"rendered":"https:\/\/news.pakistaninewspaperlist.com\/shares-at-psx-gain-more-than-900-points-over-clarity-on-political-front\/"},"modified":"2024-02-14T10:46:50","modified_gmt":"2024-02-14T10:46:50","slug":"shares-at-psx-gain-more-than-900-points-over-clarity-on-political-front","status":"publish","type":"post","link":"https:\/\/pakistaninewspaperlist.com\/news\/shares-at-psx-gain-more-than-900-points-over-clarity-on-political-front\/","title":{"rendered":"Shares at PSX gain more than 900 points over clarity on political front"},"content":{"rendered":"

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Shares at the Pakistan Stock Exchange (PSX) traded in the green on Wednesday over clarity on the political front, gaining over 900 points.<\/p>\n

According to the PSX website<\/a>, the benchmark KSE-100 index gained 1166.11 points, or 1.9 per cent, to stand at 62,393.03 at 10:43am from the previous close of 61,226.92.<\/p>\n

It finally closed at 62,153.84 points, up 926.92 or 1.51pc.<\/p>\n

On Tuesday, the index had experienced volatility, swinging in both directions before closing in the green as investors had remained<\/a> unclear on who would form a new government.<\/p>\n

Speaking to Dawn.com<\/em> today, Mohammed Sohail, chief executive of Topline Securities, attributed the index\u2019s upward trajectory to \u201cnews of a coalition government being set up\u201d.<\/p>\n

Last night, the political leaders of six of the country\u2019s main parties \u2014 Istehkam-i-Pakistan Party President Aleem Khan, Balochistan Awami Party leader Sadiq Sanjrani, PML-N President Shehbaz Sharif, Pakistan Muslim League-Quaid chief Chaudhry Shujaat, PPP leader Asif Zardari and Muttahida Qaumi Movement-Pakistan\u2019s Khalid Maqbool Siddiqui \u2014 announced<\/a> their intention to form a government in the Centre and provinces, with Shehbaz being named as the candidate for the prime minister.<\/p>\n

Shahab Farooq, director of research at Next Capital Limited, observed that the index \u201copened on a positive note with the PML-N and the PPP resolving to form a government in the Centre\u201d.<\/p>\n

However, he added that uncertainty persisted with \u201cPTI also struggling for the formation of government in the Centre and Punjab\u201d.<\/p>\n

The PTI decided<\/a> on Tuesday to join the Majlis Wahdat-i-Muslimeen to form the government in the Centre and Punjab, and join the Jamaat-i-Islami in Khyber Pakhtunkhwa to get its due share in reserved seats.<\/p>\n

Farooq further said that \u201cextreme volatility cannot be ruled out\u201d.<\/p>\n

\u201cBesides, there are imminent challenges of economic management for the new government from the very first day of its inception,\u201d he said.<\/p>\n

Faran Rizvi, head of equity sales at JS Global, advised investors to adopt a \u201ccautious\u201d approach and invest in high dividend yielding stocks \u201cgiven the ongoing political uncertainty and the unresolved circular debt issue\u201d.<\/p>\n

\u201cThese stocks can provide a stable income stream during corrective market phases, offering investors a potential hedge against volatility,\u201d he said.<\/p>\n

Yousuf M. Farooq, director of research at Chase Securities, noted that the market opened on a positive note \u201cdue to a reduction in political uncertainty, with expectations of the PML-N forming the government\u201d.<\/p>\n

He emphasised that the focus would now shift towards the International Monetary Fund\u2019s (IMF) next review.<\/p>\n

Oil and Gas Development Company (OGDC) and Pakistan Petroleum Limited (PPL) \u201crebounded following rumors of a gas price increase, which could enhance cashflows,\u201d he said.<\/p>\n

\u201cA PML-N led government might stimulate activity in construction-related stocks as the economy improves. All attention now turns to the PTI\u2019s actions and negotiations with the IMF,\u201d he observed.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Shares at the Pakistan Stock Exchange (PSX) traded in the green on Wednesday over clarity on the political front, gaining over 900 points. According to the PSX website, the benchmark KSE-100 index gained 1166.11 points, or 1.9 per cent, to stand at 62,393.03 at 10:43am from the previous close of 61,226.92. It finally closed at […]<\/p>\n","protected":false},"author":2,"featured_media":59949,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"fifu_image_url":"https:\/\/i.dawn.com\/large\/2024\/02\/1415460453c2f0c.jpg?r=154611","fifu_image_alt":"","footnotes":""},"categories":[13],"tags":[],"class_list":["post-59948","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/posts\/59948","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/comments?post=59948"}],"version-history":[{"count":0,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/posts\/59948\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/media\/59949"}],"wp:attachment":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/media?parent=59948"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/categories?post=59948"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/tags?post=59948"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}