PSX soars by 1,700 points as 'political drama' concludes

Published April 11, 2022
The benchmark KSE-100 index soared more than 1,500 points on Monday. — Photo courtesy: PSX website
The benchmark KSE-100 index soared more than 1,500 points on Monday. — Photo courtesy: PSX website

The benchmark KSE-100 index soared by 1700.38 points on Monday with analysts attributing the rally to an end to weeks of political instability that saw Imran Khan ousted from power.

The index opened at 44,444.58 and closed at 46,144.96 points — up by 3.83 per cent.

"Pakistan Stock Exchange (PSX) is bullish on speculations ahead of voting to elect new prime minister," said Ahsan Mehanti of of Arif Habib Corporation.

"Stock market and the rupee have shown a major recovery after the no-confidence vote eased political uncertainty," he said.

Raza Jaffrey, head of research at Intermarket Securities, said that KSE-100 index was up more than three per cent after the end of the "high political drama" over the last few weeks.

"Attention will quickly turn to the economy and initial soundbites from the PML-N, to quickly approach the International Monetary Fund (IMF) and to improve administrative efficiency, are encouraging," he said.

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

A new operation
25 Jun, 2024

A new operation

SERIOUS concerns had been raised by opposition political parties — particularly those with presence in KP — ...
Power theft
25 Jun, 2024

Power theft

FEDERAL Energy Minister Awais Leghari’s statement during a TV interview that electricity theft amounts to Rs600bn ...
Fatal air
25 Jun, 2024

Fatal air

TOXIC air can cost us our children. It causes life-threatening illnesses, inflicts lifelong damage and leads to ...
Time for dialogue
Updated 24 Jun, 2024

Time for dialogue

If the PML-N and PTI remain mired in mutual acrimony, an ever-widening gap will continue to allow non-political forces to assert themselves.
Property taxes
24 Jun, 2024

Property taxes

ACCORDING to reports in the local media, along with the higher taxes imposed on real estate in the recent budget, ...
Fierce heat
24 Jun, 2024

Fierce heat

CLIMATE change is unfolding as predicted by experts: savage heat, melting glaciers, extreme rainfall, drought, ...