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Midday: Bull run continues as KSE-100 index gains 302 points

Midday: Bull run continues as KSE-100 index gains 302 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 302 or 1.3 percent to reach 29,562 in the midday trading.
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 Allama 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 Tahirul Qadri’s PAT asking for the prime minister’s resignation and staging massive protests in Islamabad.
Thousands of supports and workers of both the Pakistan Tehreek-e-Insaf (PTI) and Pakistan Awami Tehreek (PAT) have been entrenched in front of Parliament House on Constitutional Avenue, demanding immediate resignation of the Prime Minister and Punjab Chief Minister and a thorough investigation into the alleged rigging in the May 11, 2013 general election.