KSE closes up 1pc after peaceful arrival of Dr Qadri

KARACHI: Pakistan’s main Karachi stock market recovered early losses to close 1 percent higher on Monday as investors heaved a sigh of relief following amicable resolution of the situation arising after arrival of Dr Tahriul Qadri in Pakistan.

The Karachi Stock Exchange’s benchmark 100-share index closed at 28,999.03, up 307.19 points or 1.07 percent with a turnover of over 96 million shares.

Dealers said that index hit a low of 28,518 points in early morning trade at the height of fast unfolding events after Dr Qadri’s plane was refused permission to land in Islamabad and diverted to Lahore.

However, as the situation moved towards peaceful resolution investors heaved a sigh of relief, dealers said, adding fresh buying was seen at lower levels helping the index not only to recover early losses but make fresh gains before closing just below the historic 29,000-point level.