On Wednesday, shares at the Pakistan Stock Exchange surged by 300 points ahead of the general elections scheduled for tomorrow.
According to data from the PSX website, the KSE-100 index climbed by 344.86 points, or 0.54 per cent, closing at 64,143.87, up from the previous day’s close of 63,799.01.
Mohammed Sohail, the CEO of Topline Securities, attributed the market’s rally to expectations of a smooth election process. He noted that uncertainty surrounding the polls had diminished, indicating a favorable outlook for the elections.
Shahab Farooq, the research director at Next Capital Limited, described the market’s performance as lacklustre, given the anticipation of the upcoming elections. He anticipated a resumption of positive momentum post-elections, driven by promising corporate results and anticipated payouts.
Awais Ashraf, the research director at Akseer Research, highlighted that market activity was driven by stocks expected to deliver favorable results and dividends in the forthcoming announcements. He noted a reduction in investor positions in Oil and Gas Development Company (OGDC) due to concerns regarding the potential rollback of circular debt settlement through cash dividends submitted to the International Monetary Fund (IMF). Conversely, Pakistan Petroleum Limited (PPL) saw gains attributed to expectations of improved recoveries following Ogra’s approval of gas price hikes in line with IMF conditions.
