KARACHI: On Friday, the KSE-100 index bounced back after experiencing a downward trend for the past five days. By 12:26 PM, the benchmark index had gained 386.33 points (0.91 per cent) and reached 42,629.66 points. During the past week, the stock market was affected by the political turmoil and the increase in power tariffs.
According to Managing Director and CEO of Arif Habib Corporation, Ahsan Mehanti, the index showed progress after the rupee gained value against the dollar and Finance Minister Miftah Ismail announced the news of $1 billion investment from the UAE.
Research Head of Intermarket Securities Raza Jafri said that stocks reversed losses after the green signal from International Monetary Funds (IMF) for the $1.2 billion tranche. He added that the strengthening rupee had also helped the stock market to gain value.