PSX Loses Over 1,100 Points Due to Political Turmoil

Bears ransacked the Pakistan Stock Exchange (PSX) today, with the benchmark KSE-100 index losing over 1,100 points at close amid an unstable political environment. The benchmark KSE-100 index initially appeared bullish from the opening bell and gained over 240 points around 9:30 AM after trading resumed on Thursday. It started falling after 10 AM. At 3 PM, it clocked in at 60,926, down by 1.97 percent or 1,227 points. KSE-100 settled at 61,020, down 1.82 percent or 1,133 points. The KMI 30 index shed 2,469 points settling at 100,992, while the KSE All share index declined by 713 points to close at 41,163. Political temperature was bad as usual, with volatility hurting stocks all day. According to Arif Habib Limited, just 14 stocks rose while 79 fell. Oil & Gas Development Company Limited (PSX: OGDC) was the worst performer today. “February is again proving to be a weak seasonal period for the KSE-100,” the brokerage said in a brief market review. The highest participation was witnessed in K-Electric Limited (PSX: KEL) with over 33.3 million shares traded, followed by Pakistan International Airlines Corp (PSX: PIAA) and Media Times Limited (PSX: MDTL). The scrips had 28.6 million shares and 22.4 million shares traded, respectively.