Pakistan equities shed 101 points on political uncertainty

Pakistan equities shed 101 points on political uncertainty

KARACHI: Pakistan equities lost 101 points on Wednesday due to rising political uncertainty and devaluation of local currency against dollar.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 44,338 points from previous day’s closing of 44,439 points, down by 101 points.

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Analysts at Arif Habib Limited said that the index stayed in the red territory during the day due to political unrest and further PKR devaluation against dollar.

Main board activity remained dull. On the flip-side, activity continued to remain side-ways as market witnessed hefty volumes in the 3rd tier stocks.

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The analysts at Topline Securities said that Pakistan equities closed negative where benchmark KSE-100 Index settled at 44,338 level (down 0.23 per cent).

Rising political uncertainty over no-confidence motion against prime minister led the market to open sideways where market made an intraday low of 463 points, however some recovery has been witnessed in second half of the session.

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Sectors contributing to the performance include E&P’s (-47.2 points), Fertilizer (-23.9 points), OMC’s (-16.3 points) and Investment Banks (-10.9 points).

Volumes increased from 268.9 million shares to 344.1 million shares (+28.0 per cent DoD). Average traded value increased by 8.4 per cent to reach US$ 42.6 million as against US$ 39.3 million.

Stocks that contributed significantly to the volumes are KEL, GGL, WTL, PAELR3 and TREET.

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