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Closing: KSE stands ground, up by 335 points

Closing: KSE stands ground, up by 335 points

KARACHI: The Karachi Stock Exchange KSE-100 index on Wednesday continued its buoyant mood and added to its gains, taking the points tally to 335.26 to reach 29595.55 points as consensus between major political stakeholders to protect the parliament and democracy brought confidence in market.

The KSE-100 index, opened at 29260, kept on marching upward and taken the total trade volume to 136,300,630 shares.

The highest increase witnessed in price of the Pace (Pak) Limited, PTCLA, DGK Cement, Fatima Fertilizer Co while the Pak Services, Bata (Pak) Limited, Bhanero Tex and Wyeth Pak Limited remained the biggest losers of the day.

As a whole 37.58 percent of companies witnessed increase in their shares while 15.56 percent lost their share value and 4.30 per cent companies remained stable

The market opened with positive sentiments and kept on marching upward amid flurry of hectic politicking in the federal capital to end the weeks-long standoff.

Though the political scenario remains hazy, stocks continue to capitalize on the developments taking place across the political spectrum.

The index rebounded after the joint parliamentary session reposed confidence in the embattled Prime Minister Nawaz Sharif amid growing clamour for his resignation by Imran Khan-led PTI and Dr Tahirul Qadri’s PAT.

Experts are of the view that categorical reiteration of support by the army as well as the parliament had help alloyed the market’s fears and boost its confidence.

The index has been subject to political turmoil with Imran Khan-led PTI and Qadri’s PAT asking for the prime minister’s resignation and staging massive protests in Islamabad.