Stocks rally 1,095 points on political clarity
KARACHI: The overnight reaching of a consensus between PML-N and PPP on the formation of a coalition government, dubbed PDM 2.0, brought clarity on the political front to a greater extent as a result the benchmark KSE 100-share index staged a robust rally to settle above 61,000 level on Wednesday. Topline Securities Ltd said the stock market maintained a positive trend throughout the session reaching an intraday high of 61,621 and a low of 60,907 points as optimist investors began strengthening their positions hoping the power-sharing formula of the next government would end the uncertainty. This upward movement was driven by Oil and Gas Development Company Ltd, Lucky Cement, Pakistan Petroleum Ltd, United Bank Ltd and TRG Pakistan, collectively contributing 322 points to the index’s rally. Ahsan Mehanti of Arif Habib Corporation said reports of reduction in profit rates on the national savings schemes and surging Pakistan Eurobonds also boosted market sentiments.