Share prices surge at Pakistan Stock Exchange after coalition announcement

Positive developments on political front led the bulls to dominate the business at Pakistan Stock Exchange (PSX) tossing the index above the 62,000 barrier in midday trading on Wednesday, reported 24NewsHD TV channel.

The benchmark KSE-100 index soared by 1,042.30 points by 11:00 am and was trading at 62,269.22.

Experts were of the view that the joining hands by the top political parties to form a coalition government at the centre was the main force behind the surge in the share prices.

Former allies including PML-N, PPP, MQM-P and others on Tuesday announced to form a coalition government and also invited PTI for talks for the sake of the country.

On Tuesday, the PSX had stage a dramatic turnaround after plunging over 1,450 points in the opening few minutes of trading after it was learnt that the International Monetary Fund (IMF) was not onboard with the government’s circular debt plan.

After falling below the 60,000 level during the opening hours of trading, the benchmark index settled at 61,226.93, an increase of 161.61 points or 0.26%.

Reporter Baseem Iftikhar