Stock market shoots up by over 900 points

[farhan_9909]

KARACHI: A day after the an FIR was filed against 21 persons, including Prime Minister Nawaz Sharif and Punjab Chief Minister Shahbaz Sharif, the Karachi Stock Exchange’s (KSE) benchmark 100-share index shot up by at least 900 points.

The market has been falling steadily for the past week, leaving investors baffled, but it finally took a turn for the better on Friday.

The 3.27% percent increase landed the current index at 28,681.55 when this report was filed.

The index rose much more rapidly today than it had fallen this past week with a 0.13% or 36.92 point drop on Thursday landing the index at 27,774.43 and 1.53% and 0.97% decreases on August 27 and August 26 respectively.

Investors have been exercising caution as the political deadlock between the opposition and the government continued.

Source:ET

 

[That Guy]

There is a sense that the political turmoil is finally ending. Investors may be feeling a bit safer.

 

[farhan_9909]

Recent update put it at beyond 1000 points

 

[Nova2]

Wow , one wonders how volatile south asian markets are,one news and they shoot up 900 points ,a bad news and they may fall by a 1000 points.jeez.

 

[That Guy]

Wow , one wonders how volatile south asian markets are,one news and they shoot up 900 points ,a bad news and they may fall by a 1000 points.jeez.

To be honest, most markets are like this, one need not look elsewhere than Canada's own TSX. I heard on the radio a few weeks ago that even though Canadian companies were reporting profits, the market still lost a lot of points.

 

[Nova2]

To be honest, most markets are like this, one need not look elsewhere than Canada's own TSX. I heard on the radio a few weeks ago that even though Canadian companies were reporting profits, the market still lost a lot of points.

Hmm,perhaps yes. It happens with BSE & NSE aswell,at times they end up in red even when domestic industry shows profit, i think its more about how international markets behave. Few markets tend to fluctuate more on international news than domestic ones,but still i guess, south asians markets are bit more volatile then others.

 

[TheFlyingPretzel]

KARACHI: A day after the an FIR was filed against 21 persons, including Prime Minister Nawaz Sharif and Punjab Chief Minister Shahbaz Sharif, the Karachi Stock Exchange’s (KSE) benchmark 100-share index shot up by at least 900 points.

I'm going to go out on a limb here and opine that it wasn't the registration of the FIR which brought back investor confidence but rather the entry of the army as the mediator.

No Pakistani institution commands as much faith and respect as the army does and their aversion to derailing the process through a coup and their bona fide effort to resolve the deadlock must have been a welcome breath of fresh air for all those affected by the prevailing political uncertainty.