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

Military convictions
Updated 22 Dec, 2024

Military convictions

Pakistan’s democracy, still finding its feet, cannot afford such compromises on core democratic values.
Need for talks
22 Dec, 2024

Need for talks

FOR a long time now, the country has been in the grip of relentless political uncertainty, featuring the...
Vulnerable vaccinators
22 Dec, 2024

Vulnerable vaccinators

THE campaign to eradicate polio from Pakistan cannot succeed unless the safety of vaccinators and security personnel...
Strange claim
Updated 21 Dec, 2024

Strange claim

In all likelihood, Pakistan and US will continue to be ‘frenemies'.
Media strangulation
Updated 21 Dec, 2024

Media strangulation

Administration must decide whether it wishes to be remembered as an enabler or an executioner of press freedom.
Israeli rampage
21 Dec, 2024

Israeli rampage

ALONG with the genocide in Gaza, Israel has embarked on a regional rampage, attacking Arab and Muslim states with...