Investors cheer stimulus package, KSE-100 soars 1,208 points
Statesman Report
KARACHI: Pakistan Stock Exchange (PSX) reversed its slump on Tuesday and the benchmark KSE-100 index soared over 1,200 points as investors cheered the economic relief package approved by the government a day ago.
The Economic Coordination Committee (ECC) on Monday approved a Rs1.2-trillion economic relief package to shield the economy from adverse effects of the coronavirus pandemic, which bolstered investor sentiment and encouraged them to make fresh investment.
Lending further support to Pakistan’s bourse was a recovery in global and regional stock markets, which staged modest rallies to end the quarter on a bullish note.
In Asia, the MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.94% but it was still down 22% for the quarter, its worst performance since 2008. Shanghai blue chips rose 0.4% and South Korea gained 1.87%. Japan’s Nikkei eased 1%.
European stocks rallied at the open as well with Euro Stoxx gaining 1.7%, France’s CAC 40 1.15% and the German Dax 2.08%. Britain’s FTSE 100 rose 1.8%.