Stocks surge following constitutional changes

Pakistan Stock Exchange (PSX) on Monday staged a remarkable recovery, fueled by encouraging economic indicators and some degree of political stability. The KSE-100 index surged past 86,000 with gains of over 800 points, reflecting investor optimism and confidence. The surge was driven by across-the-board buying following approval of constitutional amendments by the National Assembly (NA). Earlier, the bourse began the session with a strong buying spree that persisted throughout the day, leading to a notable recovery across various sectors. As a result, the index advanced to the intra-day high of 86,172.79 points towards the close of trading. At a gong ringing ceremony, the PSX marked the listing of BF Biosciences, a pharmaceutical joint venture between Ferozsons Laboratories and Bago Group of Argentina. On the economic front, Pakistan posted a current account surplus of $119 million for September 2024, the highest since April 2024.