Political uncertainty leads to 330 points slump in KSE-100 Index

KARACHI: Pakistan Stock Exchange (PSX) managed to maintain a positive outlook by the end of the first session before Friday’s midday break. The market observed some intraday corrections followed by a strong start as an extension of the bullish rally in the last three days.

KSE-100 Index started the day in a positive mood and managed to jump near 47,800 points levels in just 30 minutes after the start of the trading day. However, the selling pressure due to profit-taking capped appreciation left the market under range-bound trend till the end of the first session.

The Index at 47,876 points at the midday break. There has been a decent recovery in the last three days and the share
prices at this level can provoke profit-taking at by the end of the day, traders and analysts said. Under the current political situation, the investors are opting to stay heavily invested to pass the weekly holiday, they added.

The market proved very sensitive to issues and developments regarding US Pakistan relations, IMF negotiations, and security situation in the country.¬†Chief of Army Staff General Qamar Javed Bajwa has said that the Pakistan Army will stand by the government’s decision of refusing to hand over Pakistan’s air bases to the United States for counter terrorism operations in Afghanistan. Gen Bajwa made these comments after an eight-hour long of the Parliamentary Committee on National Security.

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