Shares surge over 1,600 points on PSX

After two days of pressure, optimism returned to the Pakistan Stock Exchange (PSX) as shares gained over 1,600 points during Wednesday's opening trading hours.

At 10:26 am, the KSE-100 index stood at 117,750.22 points, after an increase of 1,697.54 points or 1.35%.

“We believe that overall sentiment will remain positive as most top-down risks have eased off,” said an analyst of Intermarket Securities. 

On Tuesday, the KSE-100 index shed 1,840.96 points, or 1.58%, and closed at 116,052.68.

The current surge in the stock market coincided with the Prime Minister's arrival in Karachi for a one-day visit.

This visit is believed to be aimed at restoring investor confidence, which had declined in the past two days following the International Monetary Fund's (IMF) imposition of strict policies on Captive Power Producers (CPPs).

To eliminate the cost-benefit between grid power and in-house electricity generation, the IMF had asked the government to impose a substantial levy on gas supplied to the industrial captive power plants.

PM Shehbaz commenced his visit to the port city accompanied by his business team, including Finance Minister Muhammad Aurangzeb, the Federal Board of Revenue (FBR) Chairman Rashid Mahmood Langrial, and others.

Moreover, he would have a packed schedule in Karachi. He is set to visit the Federation of Pakistan Chambers of Commerce & Industry (FPCCI) and the Karachi Chamber of Commerce and Industry (KCCI) to engage with key business stakeholders.