Shares at PSX gain more than 900 points over clarity on political front

Shares at the Pakistan Stock Exchange (PSX) traded in the green on Wednesday over clarity on the political front, gaining more than 900 points. According to the PSX website, the benchmark KSE-100 index gained 1166.11 points, or 1.9 per cent, to stand at 62,393.03 at 10:43am from the previous close of 61,226.92. It finally closed at 62,153.84 points, up 926.92 or 1.51pc. On Tuesday, the index had experienced volatility, swinging in both directions before closing in the green as investors had remained unclear on who would form a new government. Speaking to Dawn.com today, Mohammed Sohail, chief executive of Topline Securities, attributed the index’s upward trajectory to “news of a coalition government being set up”. Last night, the political leaders of six of the country’s main parties — Istehkam-i-Pakistan Party President Aleem Khan, Balochistan Awami Party leader Sadiq Sanjrani, PML-N President Shehbaz Sharif, Pakistan Muslim League-Quaid chief Chaudhry Shujaat, PPP leader Asif Zardari and Muttahida Qaumi Movement-Pakistan’s Khalid Maqbool Siddiqui — announced their intention to form a government in the Centre and provinces, with Shehbaz being named as the candidate for the prime minister.