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

KARACHI: Pakistan Stock Exchange (PSX) failed to break the bearish spell for the fourth day in a row as investors remained cautious due to the unclear political situation and rise in the insurgency in Afghanistan. In addition to this, the country’s COVID-19 positivity rate also saw an increase.

The Karachi Share Index (KSE-100) ended the day 98.24 points (0.21per cent) down at 47,247.92 points against the previous closing of 47,346.16 points. The market went as high as 47,375.67 points during intra-day trading, while recorded as low as 47,034.64 points.

Trading volumes declined to 412.2 million shares today as compared to 541.3 million shares during the previous trading day, while the daily traded value also moved down to Rs14.97 billion from Rs17.6 billion in the previous session, the data said.

The selling pressure bushed the benchmark Index near 47,000 points levels today. There are many developments under progress in regional and international politics and the market seems to be very sensitive due to its impact on Pakistan’s economic and trade growth, traders and analysts said. The investors are keeping a close eye on Pakistan’s relations with the United States and China, they added.

Adviser to the Prime Minister on Commerce Abdul Razak Dawood said on Tuesday that the Pakistan-US relationship would not impact the China-Pakistan Economic Corridor (CPEC). He said in a TV talk show on Wednesday.

Meanwhile, Taliban’s advances continued as they captured Afghanistan’s 11 more districts in the last 24 hours – seven districts in Badakhshan, two districts in Kandahar, one in Parwan and one in Helmand. In addition to the political news for the investors,
Pakistan’s COVID-19 positivity rate hits 3% for the first time in three weeks.

The share price of Rafhan Maize increased by Rs249 to Rs9,899, while Wyeth Pakistan gained Rs145.14 to Rs2,080.39. On the other hand, Unilever Foods lost Rs245 today to close at Rs15.555 while Pakistan Tobacco lost Rs98.34 to close at Rs1,321.65

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