Clarity on coalition government of Pakistan: PSX gain momentum in intraday trade

Clarity on coalition government of Pakistan gives PSX momentum

On Monday, the shares at the Pakistan Stock Exchange (PSX) traded in the green as the analysts attributed the momentum to clarity on the coalition government of Pakistan. By 1:03 pm, the benchmark KSE-100 index stood at 63,719.84 points after a gain of 904.03, or 1.44 per cent, compared to the previous close of 62,815.81 points.

Topline Securities and Arif Habib Limited credited the clarity on the political front and formation of the new coalition government of Pakistan for the upward movement. According to analysts, the investors would closely monitor the economic strategy of the newly elected government, especially the new International Monetary Fund (IMF) programme, which would seriously affect the forthcoming budget.

Economic experts added that political stability and the inflation cycle would be crucial in driving the market upward and indicators suggest positive prospects for long-term macroeconomic growth.

JS Global observed that short-term traders’ resistance level stood at 63,200 points and a minor correction could occur from this level.

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