Pakistan stocks nosedive by 1,378 points on economic upheaval

Pakistan stocks nosedive by 1,378 points on economic upheaval

KARACHI: Pakistan stocks nosedived by 1,378 points on Tuesday due to political and economic instability and delay in the IMF program.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 38,342 points from the previous day’s closing of 39,720 points, showing a decline of 1,378 points.

Analysts at Arif Habib Limited said that the PSX witnessed a bloodbath session during the day.

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The benchmark KSE-100 index opened in the green zone, but prevailing economic instability and political uncertainty plunged the index down to an intraday low of 1,432.94 points and concluded in the red zone.

Whispers of delay in the IMF program along with continuous political upheaval, caused investors to lose confidence as they squared up their positions today. Volumes, on the other hand, remained healthy across the board.

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Sectors contributing to the performance include E&P’s (-240.40 points), Technology & Communication (-222.8 points), Commercial Banks (-199.0 points), Cement (-164.9 points), and Fertilizer (-138.1 points).

Volumes increased from 105.5 million shares to 205.9 million shares (+95.1 per cent DoD). The average traded value also increased by 109.2 per cent to USD 29.35 million as against USD 14.0 million.

Stocks that contributed significantly to the volumes are. KEL, WTL, SNGP, PPL and CNERGY.

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