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Political uncertainty rattles Pakistan stocks, KSE-100 falls over 1,000 points

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A concerned investor is looking at the stock board. — AFP/File
A concerned investor is looking at the stock board. — AFP/File
  • Rising political temperature amid ongoing constitutional crisis raises alarm in Pakistan stock market.
  • KSE-100 index seesaws as investors struggle to anticipate impact of actions being taken by authorities.
  • Analyst says it is “difficult” to comment on outlook of market.

KARACHI: The Pakistan Stock Exchange (PSX) on Monday came under intense selling pressure as the rising political drama rattled investors and pushed the benchmark index deep into the red with a drop of over 1,000 points.

The rising political temperature in the country amid the ongoing constitutional crisis raised alarm in major sectors of the economy as well as the stock market.

President Arif Alvi, on the suggestion of Prime Minister Imran Khan, dissolved the National Assembly in an attempt to avoid voting on the no-confidence motion tabled against him [PM Khan].

The benchmark KSE-100 index seesawed as investors struggled to anticipate the impact of actions being taken by the authorities in the wake of the political turmoil.

During intra-day, the market was trading at 44,038.77 down by 1,113.34 points (or 2.47%) at 1:14pm. 

A screengrab of PSX data portal
A screengrab of PSX data portal

Speaking to, BMA Capital Management Executive Director Saad Hashemy said that the political uncertainty is taking a toll on the market.

“Investors are always concerned about the economic issues being addressed,” he said, adding that till there is clarity on the political front the market will remain volatile on fears of economic concerns.

Regarding the market’s direction in the ongoing week, the analyst said that it is “difficult” to comment on the outlook. However, Hashemy added that the next two to three days are important as market players are closely eyeing how things are unfolding and developments during this period will give the market a direction.

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