Bourse posts strong gains despite political impasse

Published: August 29, 2014

Screengrab of the index on the KSE website after market close.

KARACHI: A day after the an FIR was filed against 21 persons, including Prime Minister Nawaz Sharif and Punjab Chief Minister Shahbaz Sharif, the Karachi Stock Exchange’s (KSE) benchmark 100-share index shot up by 793.31 points.

The market has been falling steadily for the past week, leaving investors baffled, but it finally took a turn for the better on Friday.

The 2.86% percent increase landed the index at 28,567.74 at market close.

The index rose much more rapidly today than it had fallen this past week with a 0.13% or 36.92 point drop on Thursday landing the index at 27,774.43 and 1.53% and 0.97% decreases on August 27 and August 26 respectively.

Investors have been exercising caution as the political deadlock between the opposition and the government continued.

Reader Comments (13)

  • Aug 29, 2014 - 9:54AM

    Wow! This is a big jump and is more than one can believe. Let the army come up with some good news and see the bigger gains on the KSE. Salams

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  • Investor
    Aug 29, 2014 - 9:54AM

    It really was COAS Reassurance that gave a new high to the market this morning.

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  • Usman
    Aug 29, 2014 - 9:59AM

    Goes to show how relieved everyone is at Nawaz’s exit.

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  • Imran Qadri
    Aug 29, 2014 - 10:02AM

    Everyone was blaming politicians for being incompetent and unable to resolve the mess but in reality it was 11 political parties that were united & trying to resolve things VERSUS 2 non political and immature characters i.e. Imran Khan and Tahir ul Qadri(Pasha team), so can’t be really blamed if Pasha team refused to budge coz unless their handlers signaled them,they themselves can’t even move an inch.

    Moment Army chief summoned Qadri and Imran,both of them went running toward him,

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  • Usman
    Aug 29, 2014 - 10:18AM

    @Imran Qadri: No other politician, no one has stuck to his demands except Imran Khan. No one went running to the Army Chief except Nawaz Sharif the loser. After bleating about supremacy of Parliament, he goes running to the Chief. I have not seen a bigger loser in Pakistani politics than him.

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  • riz
    Aug 29, 2014 - 10:39AM

    Its not FIR that worked, it is the result of mid-night meeting.

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  • imran
    Aug 29, 2014 - 11:54AM

    @Usman: loved the way u twisted the news to your advantage ‘Goes to show how relieved everyone is at Nawaz’s exit’.

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  • Maher
    Aug 29, 2014 - 12:28PM

    Hmmm seems like Martial Law or Government under Army will be accepted :)

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  • Faizan Asim
    Aug 29, 2014 - 1:27PM

    Shows that this dictatorship is better than this pakistani democracy ;)Recommend

  • Imran Qadri
    Aug 29, 2014 - 2:14PM

    @Usman

    Nawaz simply asked army chief to clean up the mess that he(his subordinates) started in first place,there is no rocket science here,anyone with little bit sense and awareness can easily understand on whose backing was Pasha team(PTI-Imran and PAT-Qadri) were executing the script and who was actually the author & director of this script. Uptil now the real player was playing from behind the scene through his puppets(PTI-PAT) and now it has finally come out in the open..

    Its quite logical too that if one creates a mess then he is the one who should clean it up as well..

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  • speechless
    Aug 29, 2014 - 4:43PM

    Regardless of the reasons, it clearly shows stock market is merely an unregulated gambling den. In OUR country, investors are happy because prime minister is booked legally. Who says these people contribute to economy? Dont they fee off of our economy? I hope I will not be censored.

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  • Pakistan stock broker
    Aug 29, 2014 - 6:40PM

    Thanks Dawood Bhai, my portfolio is up now, i was worried a lot for a month.

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  • Imran Qadri
    Aug 30, 2014 - 12:48AM

    @Pakistan stock broker

    Indian bhai,stop commenting here using Pakistani user ID, are you too embarrassed to reveal that you’re an Indian?

    Recommend

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