KARACHI: Pakistan Stock Exchange (PSX) managed to regain bullish trend as the government worked out an agreement with the protesting religious parties through negotiations. The benchmark KSE-100 Index breached above 45,500 points levels during intra-day.
The Karachi Share Index (KSE-100) gained 486.21 points (1.08%) after closing at 45,399.78 points against the previous closing of 44,913.57 points. The market went as high as 45,557.17 points during intra-day trading, while recording as low as 44,913.57 points.
Trading volume declined to 343.2 million shares today, as compared to 363.09 million traded in the previous session, according to Pakistan Stock Exchange (PSX)’s website data. The daily traded value increased to Rs 14.2 billion from Rs 12.7 billion in the previous session, the data said.
The fear of violent unrest and strike call by religious parties subsided that was haunting investors while the hopes of some positive conclusion without political and business disturbance supported investors’ confidence for fresh buying, analysts and traders said. The reasonable discount in prices after the bearish sessions also helped attract investments, they added.
The government has released the head of Tehreek-e-Labbaik Pakistan (TLP), Saad Rizvi, from jail after the “successful talks” between the banned outfit and the government delegation led by the interior minister, Sheikh Rasheed, according to police.
It is expected that the government will release hundreds of TLP workers soon in light of the agreement signed between the TLP
leadership and Sheikh Rasheed.
Meanwhile, the government has decided to table a resolution in parliament on whether to expel the French ambassador after violent protests by the Islamists demanding action over cartoons depicting Prophet Mohammad (PBUH).
The share price of Rafhan Maize increased by Rs568 to Rs9,818, while Island Textile gained Rs144.60 to Rs2,074. On the other hand, Premier Sugar lostRs26.90 today to close at Rs335.60, while Mari Petroleum lost Rs19.95 to close at Rs1,595.61.