Bullish momentum witnessed at PSX as shares gain 800 points on subsiding political noise

Bulls dominated the trade floor at the Pakistan Stock Exchange (PSX) on Monday as shares gained more than 800 points. The benchmark KSE-100 index gained 815.22 points, or 0.96 per cent, to stand at 86,065.31 points from the previous close of 85,250.09 at 1:54pm. Finally, the index closed at 86,057.51 points, up by 807.42 points or 0.95pc, from the previous close. Mohammed Sohail, chief executive of Topline Securities, attributed the run to a “reduction in political noise after passing of the 26th Amendment” helping the market to post gains. The 26th Constitutional Amendment became law earlier today after the approval of both houses of the Parliament. Pakistani politics saw a second “working weekend” in as many months, where the ruling coalition finally succeeded in passing the much-touted ‘Constitutional Package’ with a two-thirds majority in both the Senate and the National Assembly.