Wednesday was yet another day of losses for the Pakistan Stock Exchange (PSX) as the KSE-100 Index shed another 489.56 points (1.23 percent) amid political and economic uncertainty that triggered the selling pressure.

At one point, the benchmark KSE-100 Index was down to the 39,276.70 level before making some recovery to close at 39,342.89 against the previous day’s value of 39,832.45.

The basic reason behind the trend which has now stretched to the third day is political uncertainty and the situation of the Punjab Assembly.

Moreover, there is no surety of inflows from the IMF (International Monetary Fund) as well as the rumours of a very big increase in electricity tariff [a news report denied by the energy ministry on Wednesday], imposition of new taxes and a depreciating rupee.

The latest losses came a day after the KSE-100 Index fell by 1,138.37 points (2.78 percent). On Monday, the market had shed 330.66 points, which means the cumulated losses during the three session this week is 1,958.59 points.

It means the benchmark index is down 11.78 percent since Jan 1 – a process that has gained momentum, unfortunately, in recent days.

On Wednesday, the total volume of the KSE-100 Index stood at 65.409 million shares – a 49 percent fall when compared with 128.22 million shares traded Tuesday.

Shares of 92 companies were traded during the session, of which 66 recorded a fall, 25 registered an increase and three remained unchanged.

In terms of sectors, most of the positive contributors were technology, commercial banks, oil and gas exploration, cement, and fertilizer exploration which negatively contributed 337 points.


Please enter your comment!
Please enter your name here