Stocks gain 1,166 points as risk of all-out war between US, Iran dissipated
KARACHI (92 News) – After the risk of an all-out war breaking out between the US and Iran dissipated as stocks gained on Thursday with the KSE-100 index recouping 1,165.51 points (2.74 per cent) from the losses of 547 points suffered previous day.
At the closing of the day, the index settled in the green at 42,523.07, while the total volume of shares traded stood at 249.5 million, a decrease of 12.2pc compared to yesterday’s 280m shares. But the value of shares traded on both days was more or less the same at Rs11.7bn.
The dollar reached at 154.88 after decreasing by 19 paisa in the inter-bank while dollar closed at 155.70 in open market.
A day earlier, in his speech, US President Donald Trump hinted at alleviation of geopolitical tensions in response to Iran’s missile attacks on US bases in Iraq.
In addition to that, yields of Pakistan Investment Bonds (PIBs) fell 10 basis points late on Wednesday, which bolstered investor sentiment as they expected a reduction in the key policy rate in the next monetary policy announcement.