On the eve of Pakistan’s General Election 2024, the Pakistan Stock Exchange (PSX) saw a significant upswing, with the KSE-100 Index climbing by 345 points to close at 64,143.87, marking a 0.54% increase. This rally was spurred by a late-session buying frenzy, with investors engaging in value buying fueled by election optimism.
Wednesday’s trading session witnessed an initial range-bound movement, later transformed by a surge in buying, pushing the index above the 64,000 threshold for the first time in nearly two weeks. According to Ismail Iqbal Securities, the rally was driven by sectors such as power generation and distribution, commercial banks, and fertilisers.
This upward movement follows a robust gain on Tuesday, particularly within the oil and gas sector. With nearly 129 million voters set to cast their ballots, this election marks a critical juncture for the world’s fifth-largest democracy.
However, the election’s backdrop is tense, with recent attacks in Balochistan province resulting in at least 24 fatalities, highlighting security concerns amidst a rise in terrorist activities in 2024.
Trading volume slightly decreased to 327.6 million from 331 million in the previous session, with K-Electric Ltd, Oil & Gas Development Company, and Pak Elektron leading in volume. The day concluded with 203 companies registering gains, 125 recording declines, and 28 remaining unchanged, reflecting a cautiously optimistic market sentiment as the nation heads into a pivotal election.
