PSX surges 3,366 points as Trump’s political grip weakens
KARACHI (Staff Report): The Pakistan Stock Exchange (PSX) extended its bullish momentum for the fourth consecutive trading session on Thursday, as investors responded positively to the US midterm election outcome and hopes of easing geopolitical tensions between Washington and Tehran.
The benchmark KSE-100 Index surged 3,366 points, or around 1.96%, to close at 175,380 points, reflecting broad-based buying across major sectors.
The rally added approximately Rs335.77 billion to investors’ wealth in a single session, while the index touched an intraday high of 176,604 points and a low of 174,291 points.
Market sentiment remained overwhelmingly positive amid expectations that the US midterm election results could weaken President Donald Trump’s political influence and potentially affect his administration’s policy direction, including its approach towards Iran.
At the same time, developments surrounding US-Iran tensions remained an important consideration for investors, as any reduction in geopolitical risks could ease concerns over oil supply disruptions, international energy prices and regional economic stability.
Buying interest extended across the board, with oil and gas exploration companies and banking stocks emerging among the prominent contributors to the rally.
Financial analyst Arsalan Ahmed attributed the sustained bullish momentum to improving investor sentiment amid changing political dynamics in the United States and evolving geopolitical expectations.
He said the weakening of Trump’s political grip following the midterm elections had added to market optimism, while developments on the US-Iran front were also influencing investment sentiment.
The market’s positive breadth underscored the strength of the rally, as 368 companies closed in the green against 103 declining stocks out of 568 companies traded.
Trading activity remained robust, with 841.6 million shares changing hands at a total value of Rs35.39 billion.
Market capitalization increased by approximately Rs336 billion to reach Rs19.113 trillion, reflecting the substantial gains recorded across listed companies.