Karachi stock market bounces back

KARACHI:

The Karachi Stock Exchange (KSE)-100 Index rebounded on Friday, recording an increase of 2.86% or 793.31 points, as investors cheered positive developments on the political front.

At close of trading, the KSE’s benchmark 100-share index clocked in at 28,567.74 points.

Pakistan Army Chief General Raheel Sharif met with Imran Khan and Dr Tahirul Qadri late on Thursday, agreeing to act as a ‘facilitator’ in the talks between the under-pressure government and the two political parties. Imran-led PTI and Qadri’s PAT have staged sit-ins outside the Parliament since August 14, demanding ouster of the prime minister.

The political deadlock led to panic among investors as the index shed 1,310 points – its worst-ever show in terms of points – on August 11.

Since then, the stock market has witnessed a decline with the political impasse dominating investors’ judgment.

The unexpected intervention of the army renewed hopes of bringing an end to the crisis that is now into its third week.

Published in The Express Tribune, August 30^th, 2014.