{"id":61998,"date":"2024-02-19T14:24:59","date_gmt":"2024-02-19T14:24:59","guid":{"rendered":"https:\/\/news.pakistaninewspaperlist.com\/shares-at-psx-rally-500-points-on-hopes-of-consensus-on-forming-new-govt\/"},"modified":"2024-02-19T14:24:59","modified_gmt":"2024-02-19T14:24:59","slug":"shares-at-psx-rally-500-points-on-hopes-of-consensus-on-forming-new-govt","status":"publish","type":"post","link":"https:\/\/pakistaninewspaperlist.com\/news\/shares-at-psx-rally-500-points-on-hopes-of-consensus-on-forming-new-govt\/","title":{"rendered":"Shares at PSX rally 500 points on hopes of consensus on forming new govt"},"content":{"rendered":"
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Bulls returned to the Pakistan Stock Exchange (PSX) on Monday as shares gained over 500 points, with analysts attributing the rally to hopes that political parties would soon reach an agreement on forming the government.<\/p>\n
Last week, growing doubts about the formation of a new coalition government amid raging protests against alleged manipulation of election results across the country kept the market sentiment depressed. The KSE 100-share index closed at 59,872.96 points plunging by a staggering 3,071.04 points or 4.9pc week-on-week.<\/p>\n
Today, volatility prevailed as the index traded sideways. However, at closing time, the KSE-100 index gained 586.78, or 0.98 per cent, to stand at 60,226.43 from the previous close of 59,872.96.<\/p>\n
Shahab Farooq, head of research at Next Capital Limited, noted that volatility continued at the stock exchange due to \u201cprevalent political uncertainty\u201d.<\/p>\n
However, he added that hopes of a settlement between the PML-N and PPP, the Supreme Court adjourning the hearing on a petition seeking to annul the Feb 8 polls and recovery in international bonds \u201cfueled positive sentiments in the market\u201d.<\/p>\n