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Pakistan shares surged the most in 19 months

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KARACHI,Pakistan(TNO) Pakistan shares surged the most in 19 months on Tuesday(01 Nov), after Pakistan Tehreek-e-Insaf (PTI) chief Imran Khan backed off from a threat to paralyze the capital following a Supreme Court decision to pursue a case linked to Prime Minister Nawaz Sharif.Khan’s vow to “shut down” Islamabad to press a demand for Sharif to resign or face a corruption inquiry had sparked a citywide ban on gatherings and the arrests of hundreds of opposition activists accused of defying the ban.In a bid to resolve the crisis, the Supreme Court said it would hold daily hearings on a petition challenging Sharif’s eligibility for public office, claims linked to graft allegations stemming from the “Panama Papers” leaks about his family’s offshore wealth.The benchmark 100-share index of the Pakistan Stock Exchange closed 3.52 percent higher, or 1,406.03 points, at 41,299.87, its biggest single-day percentage gain since March 31, 2015.“Basically, the market was looking for some clarity around this political impasse; fortunately the Supreme Court provided a face-saver by giving a middle-ground for both the PTI and the government,” Fawad Khan, head of research at KASB Securities Pvt Ltd told Reuters.Sentiment was also lifted after Pakistan and China kicked off their first trade activity under the China-Pakistan Economic Corridor project on Monday, with more than a hundred Chinese containers arriving at the Sust port after customs clearance, he said.Heavyweight counters gained, with Habib Bank Ltd rising 3.94 percent, Lucky Cement Ltd climbing 5 percent and United Bank Ltd up 4.23 percent.The rupee ended higher at 104.72/104.77 against the dollar, compared with the previous day’s close of 104.81/104.86.

 

 

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