Share market ends down by 76 points on political uncertainty

Share market ends down by 76 points on political uncertainty

KARACHI: The share market fell by 76 points on Thursday owing to rising political uncertainty in the country.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,068 points from previous day’s closing of 40,144 points, showing a decline of 76 points.

Analysts at Topline Securities said that the market opened on a positive note making an intraday high of 389 points owing to announcement of G20 nations regarding extension of the debt suspension by an additional six months for six countries which includes Pakistan as well.

However, the positivity did not sustain at the bourse as investors were concerned over decline in Global markets, International oil prices and political uncertainty.

On the result front, EPCL announced its 3Q2020 EPS of Rs2.07 (+48 percent YoY) – Earnings were higher than industry expectations, additionally, material information was also released stating that Engro Peroxide (private) limited a wholly owned subsidiary will be resuming work in the last quarter of 2020 leading the scrip to close at its upper circuit.

Traded volume and value for the day increased by 39 percent and 29 percent on DoD basis to 324 million shares and Rs.11.01 billion, respectively.