The easing of political crisis in Pakistan after opposition leader Imran Khan backed off from his anti-government protests today sent the stock market soaring with the PSX registering its largest gain of 1,406 points.
The Pakistan Stock Exchange's (PSX) benchmark-100 index jumped record 1,406.03 points soon after the cricketer-turned- politician took back his call for a lockdown of Islamabad tomorrow.
"The welcome change to the uncertain political scenario plus an upgrading by Standard & Poor's in Pakistan's credit rating saw the stock exchange surge today," Salman Ali of Capital investments said.
After remaining subdued for the past two weeks, the benchmark KSE 100-share Index rose 1,406.03 points or 3.52 per cent to close at 41,299.87.
Investors had remained cautious and trading remained slow after clashes between Pakistan Tehreek-i-Insaaf protesters and security forces in the lead up to lockdown of Islamabad.
"But the news that Pakistan's long-term credit rating had been improved to 'stable' and Imran Khan's change of heart has changed the trading scenario," Ali said.
Imran retracted from his call to march on to Islamabad after a full Supreme Court bench decided to form a judicial commission to probe the Panama Papers scandal against Prime Minister Nawaz Sharif and his family members that they allegedly owned undisclosed properties overseal.
Another dealer said equity investors acquired stocks across the board with heavy buying in the banking, energy and cement sectors taking the index to above the 41,000 mark.
More than 400 stocks were active during the session, out of which share prices of 356 stocks closed up, 43 down, while remaining 13 remained unchanged.
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