Market is eyeing IMF programme and reduced interest rates amid political uncertainty
KARACHI – The KSE-100 Index was up around 1.3 per cent during early trading on Tuesday, a day after around 2pc loss caused by rising political uncertainty and possible banning of PTI, as the government is mulling over lodging a treason case under Article 6 against its founder Imran Khan, former president Arif Alvi and former deputy speaker Qasim Suri.
By the time trading was ended for the day, the Pakistan Stock Exchange, however, saw its benchmark index closing at 78,987.09 after a gain of 447.91 points, or 0.57pc, as it touched an intraday high of 79,578.34. Earlier on Monday, the KSE-100 was down 1578.71 points or 1.97pc, as market experts cited political tensions as the main reason behind the selling pressure.
However, they also noted that a correction was also a natural outcome after a long rally that enabled the benchmark mark index climbing to 81,839.86 on July 18. The Pakistan Stock Exchange has so far made a gain of 22.20pc during the current calendar year amid the prospects of another IMF programme and interest rate cuts – a cycle that started with a 1.5pc reduction in borrowing costs on June 10.
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