The Pakistan Stock Exchange (PSX) witnessed a significant downturn on Wednesday, with the benchmark KSE-100 index plummeting by 650 points.
The market closed at 41,540 points, down from the previous day’s closing of 42,190 points, reflecting a decline of 1.54 percent. The dip was attributed to wavering investor confidence following a political announcement of a long march.
Analysts at Topline Securities noted that Pakistan equities experienced a bearish trend throughout the day, culminating in the benchmark KSE-100 Index settling at 41,540 points. The day started on a negative note, with the KSE-100 Index hitting an intraday low of 699 points. The decline was exacerbated by an announcement from Imran Khan, Chairman of the Pakistan Tehreek-e-Insaf (PTI), stating that his long march would commence from Lahore on the upcoming Friday, October 28, 2022.
TRG emerged as a major decliner in the trading session, dragging down the KSE-100 Index by 89 points as the stock closed at its lower limit, down by 7.5 percent.
In terms of corporate results, several companies disclosed their financial performances. SYS announced its 3Q2022 earnings per share (EPS) at Rs7.7, MTL reported 1QFY23 EPS at Rs3.87, MCB unveiled its 3Q2022 EPS at Rs7.8, accompanied by a dividend per share (DPS) of Rs5. HBL also declared its 3Q2022 EPS at Rs7.8, along with a DPS of Rs1.5, and FFC announced 3Q2022 EPS at Rs4.12, with a DPS of Rs3.18.
The total traded volume and value for the day stood at 265 million shares, marking an increase of 36 percent, and Rs7.71 billion, reflecting a 24 percent rise on a day-to-day (DoD) basis, respectively. WTL emerged as the volume leader of the day with 35.39 million shares.
The market’s reaction to the political announcement underscores the sensitivity of investors to geopolitical developments. The uncertainty surrounding the upcoming long march has cast a shadow on market sentiment, leading to a sell-off across various sectors. Investors are closely monitoring the situation and assessing the potential impact of political events on the stability of the financial markets.
As the market grapples with the implications of the political landscape, analysts anticipate continued volatility in the coming days. The focus will remain on political developments, corporate earnings, and broader economic indicators, as market participants navigate the challenging environment characterized by uncertainty and fluctuating investor sentiment.
