New govt hopes spur stock market

The following day, the KSE-100 index extended gains and closed near the 62,000-point mark, buoyed by optimism about a power-sharing deal among political parties. Pakistan’s dollar bond prices jumped in the range of 1-6% after the two major political parties reached an agreement on forming the next government, he said. Arif Habib Limited (AHL) reported that the market remained buoyant, taking the index beyond 62,000 points from 59,000 last week. Investor sentiment got a boost as the winning political parties reached agreement to form a coalition government. Sector-wise, positive contribution to the market came from exploration and production (623 points), banks (513 points), technology and communication (355 points), fertiliser (255 points) and power (254 points).