KARACHI: The Karachi Stock Exchange 100-index bounced back on Friday with 793.31 points gain to close at 28,567.74, on the hope that the prevailing political impasses would end after the army showed its willingness to mediate between Pakistan Tehreek-e-Insaf chief Imran Khan and the federal government led by Prime Minister Nawaz Sharif.
Sentiments at the market were high at the opening of the session as the stocks gained more than 1,000 points, responding positively to the developments at the political spectrum. Shares worth Rs 143 million has been trade in the day.
The KSE 100-index has started trading at 27774.4 points and gained 1060 points in first forty minutes to reach all day high 28838.11 mark. The lowest value of the day recorded at 27774.43.
The highest increase witnessed in price of the Pace (Pak) Ltd, Fatima Fertilizer Co, D.G.K.Cement and P.T.C.L.A while the Pak Services, Bata (Pak) Limited, Bhanero Tex, and Wyeth Pak Limited remained the big losers of the day.
As a whole, 43.71 per cent of companies witnessed increase in their shares while 8.77 per cent lost their share value and 3.81 per cent companies remained stable
Investors have attributed the positive sentiment in trading to the series of events that transpired in Islamabad late on Thursday and early on Friday.
The deadlock, which began with the marches and subsequent sit-ins by activists and supporters of the PTI and Pakistan Awami Tehreek (PAT) finally seemed to have entered a definitive phase when heads of the two parties held meetings with Chief of Army Staff (COAS) General Raheel Sharif.
Both parties still persist on their demand for the resignation of Prime Minister Nawaz Sharif with the PAT also calling for Punjab Chief Minister Shahbaz Sharif to resign.
Pakistan’s economic outlook had improved since the government of business-friendly Nawaz Sharif came to power with foreign exchange reserves having doubled from $7 billion to $14 billion but the market in recent days had shown much unease with the protests led by Imran Khan and Dr Tahirul Qadri.
