Market watch: KSE-100 skyrockets as political tensions ease
Benchmark index soars 1,008.32 points to settle at 43,788.08
KARACHI:
Contrary to the dominant bearish trend during the week, the benchmark KSE-100 index skyrocketed over 1,000 points on the last day of trading week, surpassing the 43,000-point mark.
The positive performance came on the back of fading cloud of political uncertainty as investors were optimistic about the Senate chairman election.
According to the election results, announced after the trading session, incumbent Senate Chairman Sadiq Sanjrani was re-elected to the chair of the upper house, defeating Pakistan Democratic Movement (PDM) candidate Yousuf Raza Gilani.
In addition to that, the flow of workers’ remittances into Pakistan remained strong above $2 billion for the ninth successive month in February 2021. According to data released by the State Bank of Pakistan, the country received remittances worth $2.26 billion in February, which was 24% higher than $1.82 billion in the same month of previous year.