PSX in the red for third consecutive session as KSE-100 index loses 1,000 points – Business


The Pakistan Stock Exchange (PSX) traded in the red once more on Tuesday with the benchmark KSE-100 index dropping 1,000 points shortly after buying and selling started.

According to the PSX web site, the KSE-100 index was down 1121.24 points, or 1.84 per cent, to face at 59,944.07 points from yesterday’s shut of 61,065.31.

This is the third consecutive session in which the market has plunged greater than 1,000 points. On Friday, KSE-100 index had plunged 1,200 points over the delay in saying the outcomes of normal elections, to settle under 63,000.

Yesterday, the PSX witnessed a meltdown as submit-election political instability triggered an across-the-board panic promoting, which dragged the KSE 100-share index under 61,000, hitting an intraday low at 60,647.68. The index closed at 61,065.32 points after tumbling by 1,878.43 points or 2.98 per cent from the previous session.

Mohammed Sohail, chief govt of Topline Securities, mentioned the downward trajectory was led by Oil and Gas Development Company Ltd (OGDC) and Pakistan Petroleum Ltd (PPL) amid reviews the International Monetary Fund (IMF) didn’t agree with the authorities’s round debt discount plan.

“The market was anticipating an enormous dividend attributable to this,” he mentioned.

Khurram Schehzad, the chief govt of economic consultancy agency Alpha Beta Core, famous that the PSX had continued its downward trajectory “largely attributable to uncertainty over the formation of the new authorities”.

“Historically, the PSX confirmed jubilance submit elections the place market used to go up 2-3 per cent in the first two days submit-elections (2008, 2013, 2018 elections),” he mentioned.

“The development could proceed with investor confidence dropping additional. However sooner a concrete determination is made/introduced by the successful political events, with readability on an financial group with a plan and route in direction of addressing the key challenges, the market ought to take a pointy restoration,” he mentioned.

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