Share prices on the Pakistan Stock Exchange climbed further on Thursday, with the benchmark KSE-100 Index rising 4,361 points during the session to 176,375 points. The gain lifted the index’s total increase over the last two sessions to 8,000 points, according to market reports.
Investor sentiment improved after the results of the United States midterm elections. Democrats took control of both chambers of Congress in Tuesday’s vote, a heavy setback for President Donald Trump and his Republican Party. The results were widely seen as a verdict on Trump’s second term, with voters voicing frustration over living costs, the war with Iran and his handling of the country.
Democratic gains across battleground districts and traditionally Republican areas could give the party room to scrutinise the administration. It could also allow Democrats to block parts of Trump’s legislative agenda and presidential nominations.
Also read: KSE-100 index climbs 1,269.55 points to 165,736.76 on PSX
Active and top-moving stocks on the PSX
Trading volumes at the start of Thursday’s session were led by Bank of Punjab, K-Electric, Synergy, Maple Leaf, Pak Elektron and Fauji Cement. Pak Engineering, Ghandhara Industries, Premium Textile, Sazgar, Abbott Laboratories, Pakistan Tobacco, Meezan Bank and Ghandhara Automobiles posted the largest early gains.
On the downside, Nestle, Sapphire Textile, Tandlianwala Sugar, Shah Taj Sugar, Fateh Sports and Rafhan recorded the sharpest declines.
US dollar slips against rupee in interbank trade
In the interbank market, the US dollar fell by two paisa to trade at Rs276.68, the Exchange Companies Association of Pakistan said.
