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Reading: Pakistan Stock Exchange Climbs Over 3,700 Points as Political Unrest Subsides
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PhotoNews Pakistan > Business > Pakistan Stock Exchange Climbs Over 3,700 Points as Political Unrest Subsides
Business

Pakistan Stock Exchange Climbs Over 3,700 Points as Political Unrest Subsides

Web Desk
By Web Desk Published November 27, 2024 3 Min Read
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Pakistan Stock Exchange (PSX). Photo Credits: Business Recorder
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The Pakistan Stock Exchange (PSX) bounced back on Wednesday, climbing by 3,740.84 points, or 3.96%, to an intra-day high of 98,315.19 points as political tensions relaxed following Pakistan Tehreek-e-Insaf’s (PTI) decision to suspend its intensive three-day protest in Islamabad, which has brought the capital to a standstill since November 24.

The suspension came after law enforcement successfully cleared protesters from Islamabad’s Red Zone, leading to PTI announcing a temporary halt to their demonstration due to the government’s forceful actions.

“In light of the government’s brutality and plans to turn the federal capital into a ‘slaughterhouse’ for unarmed citizens, we are announcing the temporary suspension of our peaceful protest,” stated PTI’s central media cell. The party plans to consult Imran Khan for future actions.

Read: LEAs Launch Operation Against PTI Protesters at D-Chowk

The easing of political unrest triggered a relief rally as investors, who had been cautious of ongoing instability, regained confidence and re-engaged with the market. An analyst noted, “The market is staging a relief rally today, following the news that the government may have quelled the PTI protests. The market has almost completely pared back yesterday’s significant losses.”

The banking sector supported this market upswing, boosted by a recent policy change from the State Bank of Pakistan (SBP). The SBP eliminated the Minimum Profit Rate (MPR) requirement on deposits from financial institutions, public sector enterprises, and public limited companies. Announced just a day before, this policy shift is expected to boost the earnings and payouts of large conventional banks in 2025, especially with the ongoing decline in interest rates.

The removal of MDR on certain non-individual deposits is a big positive for large conventional banks likely to support their earnings and payouts amid falling interest rates.

Additionally, the reversal of charges on large accounts with deposits exceeding Rs1 billion has relieved depositors. The SBP’s decision is part of broader efforts to foster transparency and safeguard the interests of both banks and their customers, aiming to create a more balanced and competitive banking environment by easing these regulations.

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