Islamabad lock down called off, Shares in Pakistan Stock Exchange soar 19 months high

Muneeb Ahmad Written by Muneeb Ahmad · 48 sec read>

Following the developments of Imran Khan denouncing its move of locking down Islamabad, shares in the Pakistan Stock Exchange soared highest through their last 19th months’ peak valuation. Pakistani Rupee increased in value against the Dollar and over-night rates of currency dropped.

Today after a press conference, in which the Chairman PTI, Imran Khan, backed off from continuing with its plans to lock-down Islamabad, an interesting trend is being witnessed across the stocks in Pakistan Stock Exchange, the unified bourse of Pakistan. The development can also further be accredited to the first China Pakistan Economic Corridor (CPEC) trade consignment which was received by Pakistan today. The shares have rose by a considerable margin, along with the rise in worth of Pakistan Rupee.

The benchmark 100-share index of the Pakistan Stock Exchange closed 3.52 percent higher, or 1,406.03 points, at 41,299.87, which is its biggest single-day percentage gain since March 31, 2015, 19 months from now. The Pakistani Rupee also ended higher at 104.72/104.77 against the dollar, which is a definite up as compared with the previous day’s closure of 104.81/104.86. The over-night rates in were down by 5.70% as compared to the yesterday’s 5.75%.

The Pakistan Stock Exchange has been affected by the political and security conditions across the country. For the major part, the developments had been considerably positive. Recently, Shanghai Stock Exchange also showed interests in a 40% stake deal in Pakistan Stock Exchange.

Source — Reuters

Written by Muneeb Ahmad
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