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PSX Drops 1,100 Points Amid Political Unrest

PSX Drops 1,100 Points Amid Political Unrest

Bears wreaked havoc on the Pakistan Stock Exchange (PSX) as the benchmark KSE-100 index witnessed a staggering decline of over 1,100 points at the close, driven by a tumultuous political environment.

The day began on a positive note, with the benchmark KSE-100 index exhibiting a bullish trend shortly after the opening bell. By 9:30 AM on Thursday, the index had surged by more than 240 points. However, the optimism proved short-lived as a downward trend set in after 10 AM.

Read more: PSX Loses 2000+ Points Amid Election Results Uncertainty

As the trading day progressed, the KSE-100 index experienced a notable slump, reaching 60,926 at 3 PM. This represented a substantial drop of 1.97 percent or 1,227 points. Ultimately, the index settled at 61,020, concluding the day with a decline of 1.82 percent or 1,133 points.

The broader market also witnessed a negative impact, with the KMI 30 index recording a loss of 2,469 points and settling at 100,992. Simultaneously, the KSE All Share index saw a decrease of 713 points, closing at 41,163.

The prevailing political uncertainty contributed to a challenging market environment, leading to high volatility throughout the day. According to Arif Habib Limited, a mere 14 stocks managed to register gains, while a staggering 79 stocks faced declines. Notably, the Oil & Gas Development Company Limited (OGDC) emerged as the worst-performing stock on this particular day.

In a brief market review, Arif Habib Limited remarked on the recurrent weakness observed in the KSE-100 during the month of February, highlighting it as a historically challenging period for the index.

The day’s trading activity saw significant participation in various stocks, with K-Electric Limited (KEL) leading the charts with over 33.3 million shares traded. Following closely were Pakistan International Airlines Corp (PIAA) and Media Times Limited (MDTL), with 28.6 million shares and 22.4 million shares traded, respectively.

The elevated level of trading in these stocks reflects the market’s response to the prevailing conditions, with investors closely monitoring key players amid the broader market fluctuations. The considerable imbalance between rising and falling stocks further underscores the impact of the political climate on the market sentiment, as investors grapple with uncertainties and adjust their positions accordingly.