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KSE-100 makes hundred, up 0.32% despite PTI’s Lahore shutdown

KSE-100 makes hundred, up 0.32% despite PTI’s Lahore shutdown

KARACHI: The Karachi Stock Exchange benchmark KSE 100-index gained 100.28 points or 0.32 percent to reach 31690.10  points and volume of 144,746,880 shares on first day of trading despite the big show Pakistan Tehreek-e-Insaf  who calls countrywide shutter down to protest against rigging in 2013 polls and block roads in Punjab provincial capital and economic hub, Lahore.

Earlier, the market given in to the tremors of PTI’s shutdown in Lahore as KSE 100-index lost 35.65 points or 0.11 percent to plunge to 31554.17 points in early trading.

The market opened at the weekend closing of 31589.82 points and remained in red zone, forcing the investors and brokers to exercise caution.

However, timely interventions by some institutions gave impetus to the trading, helping the stocks to rise and move up.

In the opening, the sentiments remained lackluster and it appeared the stocks have felt the tremors of political unrest and PTI’s plan C that has took place in the Lahore. After the death of a worker in Faisalabad, and a peaceful, partial shutdown in Karachi, Pakistan Tehreek-i-Insaf’s (PTI) Plan C disrupted Lahore on Monday. The anti-government protest is aimed at forcing an inquiry into alleged rigging in the May 2013 general election.

As a whole 25.45 per cent of companies witnessed increase in their shares while 28.41 per cent lost their share value and 2.96 percent companies remained stable.

High and Low were 31720.94 and 31509.78 respectively. Total volume traded in the market was 144,746,880 shares.

In response of PTI’s protest call, the PML-N leadership has asked party MNAs, MPAs and officer-bearers from Lahore to stop its workers from coming out on roads in order to prevent violent clashes.

While the police have been told to act if the PTI tries to forcibly shut down markets, PTI Chairman Imran Khan said his party’s protest would be peaceful like that of its Karachi show.

On the other hand, educational institutions in Lahore remained partially closed. Private schools had announced that they would remain closed due to the shutdown call made by PTI.

Government schools and colleges, on the other hand, had announced that exams and classes would proceed as per schedule.

Students who have no option but to attend schools for their exams are facing difficulties as several routes remain blocked in the metropolis.

Television footage has been showing a school van at a PTI protest site delivering tyres to be burnt by demonstrators.