KARACHI-
Karachi Stock Exchange’s (KSE) benchmark 100-share index shot up to 1006 points at 28834.01 on Friday start, following an expectation to the end of political deadlock in the country, a private news channel reported.
Trading at 28654.65 index points when this report was filed, the market was up by 3.17%.
The market had been falling steadily during the past week owning to the political tensions in the federal capital where thousands of supporter of Pakistan Awami Tehreek and Pakistan Tehreek-e-Insaf have been demonstrating for over 13 days, demanding a resignation from the Prime Minister.
With the protesting parties reaching a deadlock over dialogue with the government, Chief of Army Staff General Raheel Sharif stepped up to act as a mediator in the current crisis.
The positive political development led to KSE 100-index picking up along with the rupee gaining strangth against the US dollar
In the official interbank market, the rupee rose 50 paisas to trade 101.70 to a dollar.