Pakistan stocks fall amid political uncertainty

Pakistan stocks fall amid political uncertainty

KARACHI: Pakistan stocks fell by 233 points on Monday due to increasing uncertainties on both economic and political fronts.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 39,844 points from last Friday’s closing of 40,077 points in the interbank foreign exchange market.

READ MORE: Weekly Review: market likely to stay positive on financial results

Analysts at Topline Securities Research said that during the day lackluster amid low volumes witnessed at the bourse where benchmark KSE100 Index settled at 39,844 level (down 0.58 per cent).

Market kicked off negative making intraday low of 356 points, lack of contribution witnessed today as investors needed clarity over political and economic condition ahead.

The recent election for the chief minister in the Punjab Assembly was challenged by PTI and PML (Q) seeking relief from the Supreme Court. Meanwhile, other coalition partners are demanding the Supreme Court to form a full court to decide the case.

READ MORE: Weekly Review: stocks likely to stay positive

Furthermore, the rupee continued to decline and ended at Rs229.86 to the dollar in the interbank foreign exchange market, making new historic low against the greenback.

On the corporate front, ICI notified the exchange regarding public announcement of intention to acquire approximately 75.01 per cent shareholding of Lotte Chemical Pakistan Limited, resultantly LOTCHEM closed at its upper circuit.

READ MORE: Weekly Review: market likely to stay range-bound

Major negative contributors in today’s trading session were BAHL, UBL, SYS, ENGRO and HBL cumulatively dented the Index by 124 points,

Traded volume and value for the day stood at 75.28 million (approx. 35 months low) shares and Rs1.83 billion (approx. 36 months low), respectively. TPLP ruled the volume charts with 9.75 million shares exchanging hands.

READ MORE: Stocks gain 184 points in lackluster trading activity