KARACHI: Pakistan Stock Exchange (PSX) opened the week in a positive mood. The benchmark KSE-100 Index gained 459 (1.1%) points by noon. The main reason for this is the encouraging news from the political and macroeconomic front.
Despite a trading day after two holidays, investors seem to be busy in selective buying in the banking, cement and energy sectors. The continuation in monetary policy will also have a positive impact on businesses, traders and analysts said.
The State Bank of Pakistan (SBP) on Friday evening announced to keep the discount rate unchanged at 7 to support the economy.
Traders said market sentiment was also supported by a “lack of disturbing news” from the local political front as the opposition seems to be busy settling issues within their ranks before making any move against the government.
Maulana Fazl-ur-Rehman, chief of JUI-F who is also the President of the 10-party opposition coalition held a meeting with the PML-N Vice President Maryam Nawaz in Lahore after Pakistan People’s Party (PPP) announced its decision against the PDM policy of resignations from legislative assemblies. The disagreements placed a question on PDM’s future and its ability to increase pressure on the government.
