News Column

Karachi stock market bounces back

August 31, 2014

The Karachi Stock Exchange (KSE)100 Index rebounded on Friday, recording an increase of 2.86% or 793.31 points, as investors cheered positive developments on the political front. At close of trading, the KSE's benchmark 100-share index clocked in at 28,567.74 points. Pakistan Army Chief General Raheel Sharif met with Imran Khan and Dr Tahirul Qadri late on Thursday, agreeing to act as a 'facilitator' in the talks between the under-pressure government and the two political parties. Imran-led PTI and Qadri's PAT have staged sit-ins outside the Parliament since August 14, demanding ouster of the prime minister.

The political deadlock led to panic among investors as the index shed 1,310 points - its worst-ever show in terms of points - on August 11. Since then, the stock market has witnessed a decline with the political impasse dominating investors' judgment. The unexpected intervention of the army renewed hopes of bringing an end to the crisis that is now into its third week.

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Source: National Herald Tribune (Pakistan)

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