Pakistan stocks shed 324 points on political uncertainty

Pakistan stocks shed 324 points on political uncertainty

KARACHI: Pakistan stocks fell by 324 points on Thursday owing to political uncertainty and rupee devaluation.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 43,784 points from previous day’s closing of Rs44.110 points.

READ MORE: Stocks gain 183 points despite political uncertainty

Analysts at Arif Habib Limited said that another volatile day observed at PSX today, KSE-100 index opened positive but was unable to digest green zone due to ongoing political unrest, rising T-bill auction yields and Pak rupee devaluation against US Dollar.

Cement sector stayed under pressure throughout the day.

READ MORE: Pakistan stocks end up amid volatile trading

Across the board profit selling was witnessed in the last trading hour which led the index to close in red zone.

Analysts at Topline Securities said that Pakistan equities witnessed a mix trend today where the KSE 100 index opened on a positive note, made an intraday high at 44,350 (+239 points; up 0.54 per cent) & intraday low at 43,752 (-359 points; down 0.81 per cent) before settling at 43,786 (-327 points; down 0.74 per cent) for the day.

During the trading hours, investors opted to remain sideline as all eyes are now on the Supreme Court’s decision regarding the National Assembly’s Speaker ruling against “Vote of No Confidence”.

READ MORE: Stocks plunge 1,250 points on no-trust move rejection

Sectors contributing to the performance include Banks (-105.4 points), Cement (-54.6 points), Power (-32.6 points), E&P’s (-31.1 points) and Engineering (-30.8 points).

Volumes increased from 108.1 million shares to 141.0 million shares (+30.1 per cent DoD). Average traded value also increased by 16.6 per cent to reach US$ 26.5 million as against US$ 22.7 million.

Stock that contributed significantly to the volumes are GGL, PAEL, KEL, TELE and GGGL.

READ MORE: Weekly Review: market to relax after no-confidence vote

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