The Karachi Stock Exchange (KSE) on Friday witnessed a growth at the start of trading as political situation improved in the country. After days of decline in market because of the current political crisis in Islamabad, the Karachi Stock Exchange 100 index finally acquired an increase of 1,054 points. The KSE-100 index has seen an increase of more than 1,000 points for the first time in last six years.
The analysts have attributed the growth to the improvement in current political situation after Pakistan Tehreek-e-Insaf (PTI) chairman Imran Khan and Pakistan Awami Tehreek (PAT) chief Tahirul Qadri met Chief of the Army Staff General Raheel Sharif on Thursday amid growing political crisis that prompted prime minister to seek army’s help.
Earlier this week, the ongoing political crisis adversely affected the Karachi stock market as the Karachi Stock Exchange (KSE) 100 index dropped to 585 points.
The sit-ins of the Pakistan Tehreek-e-Insaf (PTI) and the Pakistan Awami Tehreek (PAT) in Islamabad negatively impacted the economy of the country. Though the Karachi stock market witnessed a bullish trend earlier in the day on Friday but later was dominated by the bearish trend.
KSE 100 index dropped to 585 points after which the index fell from 82,000 to 27,000 points. Meanwhile, shares for only 26 million were traded.
Banking and cement sector was lowered by 20 and 22 per cent respectively. According to the investors, they invested in these sectors in the wake of initiation of anticipated development programs but now they fear that the development programs may not begin.