PSX registers relief rally, benchmark gains 657 points as end to political crisis in sight – Business

The benchmark KSE-100 index on the Pakistan Stock Exchange (PSX) registered a rally of relief on Friday and traded more than 700 points in intraday trading as political uncertainty persisted for days after the Supreme Court restored parliamentary results. has risen. .

The market started off on a positive note, with the index rising nearly 450 points to 44,2361.81 within 30 minutes of opening.

The highest price on the day was 44,501.55, up 714 points around 12:30 pm.

Based on the closing price at 1:15 pm, it rose 44,444.58 points (1.5%) to 657.75 points.

Investor sentiment was positive, expecting political stability following the Supreme Court ruling, according to broker Zafar Moti.

Yesterday the Supreme Court dismissed the vice-chairman’s decision to dismiss a resolution of no confidence in Prime Minister Imran Khan and the president’s dissolution of the NA following the prime minister’s recommendation, putting an end to five days of uncertainty in the government. government.

“This is why the market has not been affected even after the sharp rise in interest rates by the Central Bank of Pakistan (SBP),” he said.

SBP raised the policy rate by 250 basis points to 12.25% at an emergency meeting on Thursday, and said further action would be expected, such as an increase in export refinancing rates and import cash margins. Announced soon.

However, Moti added that he is optimistic that the bulls will remain in control and the index will rise further after the SC’s ruling.