Market watch: PSX soars 2.2% as political turmoil eases
Benchmark index skyrockets 978.51 points to settle at 44,766.59
Overall trading volumes surged to 455.5 million shares compared with Friday’s tally of 442.6 million. PHOTO: FILE KARACHI:
Bulls dominated trading at the Pakistan Stock Exchange (PSX) on Monday as the benchmark KSE-100 index rallied, gaining nearly 1,000 points on the back of strong investor sentiment.
Clarity on the political front after the Senate chairman election – which saw Sadiq Sanjrani come back as the upper house chairman – and diminishing concerns over withdrawal of tax exemptions encouraged market players to buy stocks.
Investors also took cue from global financial markets, which helped the index power past the 44,000-point mark.
Stocks rise as political tensions ease tribune.com.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tribune.com.pk Daily Mail and Mail on Sunday newspapers.
Market watch: KSE-100 skyrockets as political tensions ease
Benchmark index soars 1,008.32 points to settle at 43,788.08
KARACHI:
Contrary to the dominant bearish trend during the week, the benchmark KSE-100 index skyrocketed over 1,000 points on the last day of trading week, surpassing the 43,000-point mark.
The positive performance came on the back of fading cloud of political uncertainty as investors were optimistic about the Senate chairman election.
According to the election results, announced after the trading session, incumbent Senate Chairman Sadiq Sanjrani was re-elected to the chair of the upper house, defeating Pakistan Democratic Movement (PDM) candidate Yousuf Raza Gilani.
In addition to that, the flow of workers’ remittances into Pakistan remained strong above $2 billion for the ninth successive month in February 2021. According to data released by the State Bank of Pakistan, the country received remittances worth $2.26 billion in February, which was 24% higher
Rupee jumps to three-month high at 158 75 tribune.com.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tribune.com.pk Daily Mail and Mail on Sunday newspapers.
Pakistan recorded a current account deficit - higher foreign expenditures compared to income - for the second successive month in January at $229 million mainly due to increase in import of food items, industrial raw material and machinery.