PSX soars as political gridlock breaks

KARACHI: The Pakistan Stock Exchange (PSX) bounced back on Wednesday, making a U-shaped recovery and erasing losses as the resolution of internal political concerns spurred investor interest following an agreement to form a government. Earlier, trading kicked off with minor ups and downs, but somber sentiment kept the KSE-100 index activity dull for most of the day. An arrangement for power-sharing to set up a fresh government rejuvenated investor interest in the bourse and triggered a rally, with the index touching an intraday high of 61,620.85. Gains were also accelerated by rolling Pakistan Eurobonds on the favourable political developments and an uptrend in the rupee value. Strong earnings in the banking sector further lifted the market. With the revival of investor interest, the market skyrocketed over 1000 points to close the day above the 61,500-point mark.