ISLAMABAD: The 100-index of the Pakistan Stock Exchange (PSX) continued its upward momentum from the last couple of days as the two leading companies Habib Bank Ltd and Lucky Cement, announced buybacks of shares on Tuesday.
The 100 index gained 346.79 points, or 0.83 percent, to close at 41,927.64 points.
Upward Trend at Pakistan Stock Exchange
Head of research at Aba Ali Habib Securities, Salman Naqvi, noted that the market had been performing on a positive note since the last week due to the “earnings season,” where different sectors, including cement and banking, had reported a rise in the earnings and announced dividends for their clients, leading to enhanced buying interest.
While talking to a leading print media outlet he said that a number of companies, including Lucky Cement and Habib Bank, were buying back their shares, which generated public interest.
Pakistan Stock Exchange in Coming Days
He was optimistic about the current situation; however, he warned that the fluctuating political situation could impact the market again in the coming days.
A week before, the incumbent government and the PTI-led opposition initiated talks which gave creating some hope for a conducive environment for investment. However, the fate of the talks was still not decided and in case of any setback could affect the market.
Independent experts are of the view that for a stable investment in the stock market, the country requires a stable political and financial environment.
