KSE-100 drops more than 200 points as the market is shaken by political uncertainty

KARACHI: The Pakistan Stock Exchange (PSX) concluded the week on a dismal note, with the benchmark KSE-100 index ending in the red, owing to political instability in the nation after Prime Minister Imran Khan’s no-confidence vote.

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Market players were apprehensive of the broader political scenario, notwithstanding the rupee’s rise versus the US dollar, remittances figures, and a drop in worldwide oil prices.

At the closing, the benchmark KSE-100 index had dropped 200 points, or 0.46 percent, to 43,653.33 points.

In its post-market analysis, Arif Habib Limited stated that the market had begun in the green zone and remained volatile throughout the day. The range-bound session was witnessed owing to “political turmoil and an overheated commodities cycle,” according to the report.

Commercial banks (-43.0 points), exploration and production (-42.0 points), cement (-40.1 points), electricity (-30.0 points), and oil marketing businesses all contributed to the performance (-19.5pts).

A total of 332 firms’ stocks were traded, with 110 gaining value, 205 losing value, and 17 remaining constant.

Overall trading volumes fell to 149.29 million shares, down from 271.90 million on Thursday. During the day, Rs5.26 billion worth of shares were exchanged.

With 12.27 million shares traded, TPL Properties was the most active, dropping Rs1.26 to settle at Rs22.46. Pak Elektron, which had 11.9 million shares traded, lost Rs0.67 to end at Rs1.82, while TPL Corporation, which had 9.39 million shares traded, gained Rs0.03 to conclude at Rs10.06.