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Pretty much all sales on Steam end on 10am PST.
6 p.m. GMT
Well... you take the time to make an in game event with content and whatnot and you want the most people to experience it. So you let it run for several weeks or a month, whatever. Which is a bit different than say, a halloween themed sale. Not all sales run for weeks regardless. Halloween just isn't a major sale event on Steam.
Valentines day would be another one where a game might have an event for weeks. And the whole month of February in many places is wall to wall hearts and romance themed nonsense. But a Valentine's day sale is going to be confined to a few days around the holiday's date.