The Karachi Stock Exchange (KSE) on Tuesday witnessed an instant growth after the joint session of parliament in Islamabad scheduled to discuss the prevailing political crisis.
The session adopted a joint resolution for upholding supremacy of the constitution. By convening a joint session of parliament, where Nawaz Sharif has a solid majority, the prime minister reaffirmed that he was fully in control of the situation, a private television channel reported Tuesday.
After days of decline in market because of the current political crisis in Islamabad, the Karachi Stock Exchange-100 index acquired an increase of 766 points. The KSE-100 index gained 766 points to close at 29,260 points.
Earlier, KSE-100 index was raised by 1,054 points as the political situation improved after Pakistan Tehreek-e-Insaf (PTI) chairman Imran Khan and Pakistan Awami Tehreek (PAT) chief Tahirul Qadri met with Chief of Army Staff General Raheel Sharif on Thursday amid growing political crisis that prompted prime minister to seek army’s help. The KSE saw an increase of more than 1,000 points for the first time in last six years.
For the past couple of weeks, the ongoing political crisis was adversely affecting the Karachi stock market as the Karachi Stock Exchange (KSE)-100 index had dropped to 585 points.
The sit-ins of the Pakistan Tehreek-e-Insaf (PTI) and the Pakistan Awami Tehreek (PAT) in Islamabad have negatively impacted the economy of the country. The 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 programmes but now they feared that the development programs might not begin.