Bourse posts strong gains despite political impasse

Index shoots up by almost 800 points, market closes at 28567.74 points

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.