KSE 100-index rises by 766 points
KSE witnesses an instant growth after the joint session of the Parliament.
KARACHI (Dunya News) – The Karachi Stock Exchange (KSE) on Tuesday witnessed an instant growth after the joint session of the Parliament in Islamabad scheduled to discuss the prevailing political crisis, Dunya News reported. The session adopted a joint resolution for upholding supremacy of the Constitution. By convening a joint session of parliament, where Nawaz Sharif has a solid majority, the prime minister reaffirmed that he is fully in control of the situation.
After days of decline in market because of the current political crisis in Islamabad, the Karachi Stock Exchange-100 index acquired an increase of 766 points. The KSE-100 index gained 766 points to close at 29,260 points.
Earlier, KSE-100 index was raised by 1054 points as the political situation improved after Pakistan Tehreek-e-Insaf (PTI) chairman Imran Khan and Pakistan Awami Tehreek (PAT) chief Tahirul Qadri met with Chief of the Army Staff General Raheel Sharif on Thursday amid growing political crisis that prompted Prime Minister to seek army’s help. KSE saw an increase of more than 1,000 points for the first time in last six years.
For the past couple of weeks, the ongoing political crisis was adversely affecting the Karachi stock market as the Karachi Stock Exchange (KSE)-100 index had dropped to 585 points.
The sit-ins of Pakistan Tehreek-e-Insaf (PTI) and Pakistan Awami Tehreek (PAT) in Islamabad have negatively impacted the economy of the country. KSE 100 index dropped to 585 points after which the index fell from 82,000 to 27,000 points. Meanwhile, shares for only 26 million were traded.
Banking and cement sector was lowered by 20 and 22 percent respectively. According to the investors, they invested in these sectors in the wake of initiation of anticipated development programs but now they fear that the development programs may not begin.
