Karachi, November 20, 2024 – Pakistan stocks on Wednesday saw a notable decline of 310 points, owing to rising political noise in the country. The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) ended at 95,546 points, down from the previous day’s closing of 95,856 points.
Investors have been grappling with increasing uncertainty due to a protest call from a leading political party, Pakistan Tehreek-e-Insaaf (PTI). This situation has exacerbated fears of potential disruptions in economic and political stability, adding further pressure to the market.
Analysts at Topline Securities Limited noted that the KSE-100 Index closed the session at 95,546 points, reflecting a decline of 310 points or 0.32%.
“The market experienced significant volatility, with the index reaching a peak of 96,711 and a low of 95,312, as investors remained cautious ahead of the political protest scheduled for November 24, 2024,” the analysts added.
Additionally, heavier-than-usual foreign corporate selling added pressure to Pakistan stocks yesterday.
Negative contributions from SYS, HBL, LUCK, MCB, and SNGP collectively dragged the index down by 348 points. However, FFC, COLG, and KAPCO partially offset these losses, adding a combined 354 points to the index.
Trading activity was robust, with 1,137 million shares traded, amounting to Rs 37 billion in turnover. KEL led the trading volume, with an impressive 174 million shares changing hands.
A day earlier, Pakistan stocks rose as the market extended a buying spree that had pushed the benchmark KSE-100 to a series of record highs. The index closed above 95,000 for the first time, settling at 95,856.67, up by 861 points or 0.91%.
Overall, Pakistan stocks have maintained an optimistic sentiment in recent weeks, bolstered by positive macroeconomic indicators, including a decline in inflation rates. However, concerns over political developments continue to overshadow the outlook, with investors closely monitoring the evolving situation.
