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PSX gains more than 850 points as Gen Bajwa’s charge extended
A sign of the Pakistan Stock Exchange is seen on its building in Karachi, Pakistan January 11, 2016. REUTERS/Akhtar Soomro/File Photo

PSX gains more than 850 points as Gen Bajwa’s charge extended

KARACHI: As Chief of Army Staff (COAS) General Qamar Javed Bajwa’s command is extended for three years by Prime Minister Imran Khan yesterday, its positive effects are observed on the Pakistan Stock Exchange (PSX) as the KSE-100 Index gains more than 900 points in the early trade hours on Tuesday.

According to a notification issued by the Prime Minister Office (PMO) on Monday, the decision has been taken keeping in view the regional security environment.

“General Qamar Javed Bajwa is appointed Chief of Army Staff for another term of three years from the date of completion of current tenure. The decision has been taken in view of the regional security environment,” the notification read.

Before Eid-ul Azha holidays, the stock exchange sustained heavy pressure and witnessed new record low amid recent simmering tensions between nuclear-armed Pakistan and India over Kashmir dispute, pushing investors to adopt cautious behaviour in the trading. The index witnessed an upward trend and stood at 30,400 points till the last reports came in.

The stringent policies, implemented following passage of the financial budget for the fiscal year 2019-20, had been reflecting themselves in the downfall of the stock market. Moreover, analysts have anticipated no improvement in the financial results of many companies.