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.

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