Pakistan equities witnessed a selling spree today on the backdrop of Political Drama that took place yesterday in the National Assembly where the motion of “Vote of No-Confidence” was dismissed by the Speaker.
The Pakistan Stock Exchange (PSX) had a frantic sell-off during the early trading hours, with the benchmark KSE-100 index losing 1,328 points in intraday trading.
Subsequent dissolution of Assemblies by the Prime Minister dented investors’ confidence regarding the continuation of current economic measures.
The KSE 100 index initially opened on a negative note, stayed in a red zone throughout the day, andwas closed at 43,902, down by 1,250 points or 2.7 percent for the day. During the trading hours, investors opted to offload their positions in the environment of higher uncertainty with regard to the country’s political setup going forward.
JS Global’s Assistant Vice President, Muhammad Waqas Ghani, told ProPakistani that
The market was already in red when the trading session at PSX started and dropped 1,100 points in the first few minutes primarily owing to a lack of clarity on the political front. The market has eventually recovered a little from there but seemingly will remain under pressure until clarity emerges on the political front. The market will closely follow developments in the supreme court hearing which will likely help set the tone for the coming days.
He added, “The forex market is also expected to remain under pressure due to inconclusive talks with the International Monetary Fund (IMF), depleting foreign exchange reserves owing to loan repayments and elevated commodity prices triggering inflation”.
Around 170.36 million shares were traded at the exchange, with 270 of the 314 active scrips declining in value, only 32 advancing and 12 remaining unchanged.
Cement, Banks, Tech, and Oil marketing companies sector stocks contributed negatively today to the benchmark index where LUCK, HBL, TRG, PS0O & MEBL lost 367 points, cumulatively. On the flip side, COLG, HIGHNOON & ATLH saw some buying interest today as they added 34 points collectively, today.
Top Volumes
| SCRIP | PRICE | HIGH | LOW | CHANGE | VOLUME |
|---|---|---|---|---|---|
| TELE | 13.86 | 14.43 | 13.45 | -.57 | 17,396,535 |
| KEL | 2.92 | 3.08 | 2.88 | -.18 | 16,012,000 |
| TPLP | 19.26 | 20.1 | 19.26 | -1.56 | 12,559,368 |
| GGL | 16.08 | 16.6 | 16.08 | -1.3 | 11,146,000 |
| WTL | 1.64 | 1.68 | 1.6 | -.1 | 8,293,000 |
| TRG | 75.11 | 76.75 | 74 | -4.5 | 5,732,950 |
| MLCF | 33.44 | 34.78 | 32.92 | -2.14 | 5,196,212 |
Pakistani politics reminds me of mathematics – Avi Kerendian