PSX jumps 2,474 points on political stability

The Pakistan Stock Exchange (PSX) extended gains on Thursday, when the benchmark KSE-100 index surged 2,474 points, or 1.56%, as the passage of 27th Constitutional Amendment and the expected release of International Monetary Fund's (IMF) loan tranche sparked investor interest. Trading remained robust for almost throughout the session, during which the index touched the intra-day high of 160,945 and low of 158,971. The upbeat sentiment reflected renewed investor confidence driven by political stability, improved security conditions and a calmer regional outlook. The rally was led by cement, fertiliser and oil & gas sectors. KTrade Securities equity trader Ahmed Sheraz commented that PSX saw a strong reversal of fortunes as the KSE-100 index surged 2,474 points to close at 160,657.5. The rally was broad-based with major sectors including cement, fertiliser and oil & gas recording significant gains.