KSE-100 skyrockets as political tensions ease

Staff Reporter

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.

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.

Earlier, trading kicked off with a spike and the uptrend continued for most of the day.

Towards the end, the market wiped off some of the gains as voting for the Senate chairman slot began. Still, the market managed to close in the green.

At close, the benchmark KSE-100 index recorded an increase of 1,008.32 points, or 2.36%, to settle at 43,788.08 points.