What did you know PSX Loses Over 1,100 Points As Political Uncertainty Unnerves Investors? During the first few hours of trading on Tuesday, bears went crazy on the Pakistan Stock Exchange (PSX), where stocks were sold in a panic because the country’s economy is in such bad shape.
During the opening hours of trade on Tuesday, bears ran amok on the Pakistan Stock Exchange (PSX), where equities saw a panic-stricken selling spree due to the country’s severe economic crisis.
- At 2:08 PM EST, the benchmark index had dropped 1,120 points, or 2.75 percent, to 39,849, well below the 40,000-point mark.
Most people agree that the KSE 100 index is the best measure of the market. It started the day up 66.32 points and hit a high of 41,037.14. Afterward, it dropped to its lowest point for the day, 39,533.03 (a loss of 1,437.79 points), the lowest level since July 1, 2021. At its final closing price of 39,832.45, the index had lost 1,138.37 points. KMI 30 index dropped 2,066.93 points, closing at 66,501.90. While the KSE All Share index fell by 640.98 points, bringing it to a final value of 26,924.87.
The Assistant Vice President at JS Global, Waqas Ghani
The market is under a lot of pressure because economic indicators are getting worse and there is still a lot of political uncertainty. Investor confidence has been hit hard by economic and political tensions, which has led to less trading on the market in recent sessions.
Institutional investor selling as a result of fund redemptions has further exacerbated the deteriorating market conditions.
At 9:30 a.m., the benchmark KOSPI index opened down at 40,970. At the opening of trading, investors chose to reduce their exposure to the market as a result of the increased volatility and uncertainty. Investor confidence has taken a hit since the news of the dissolution of the Punjab and Khyber Pakhtunkhwa assemblies spread, and the index has been under pressure ever since.
Also Read More: SBP Asks Banks to Enhance Islamic Banking Footprint
The total number of shares traded on the market increased from the previous session’s 142.30 million to the current session’s 263.08 million. Since Monday, the total value of all trades has increased from Rs. 3.81 billion to Rs.6.51 billion.
Worldcall Telecom Limited (WTL -4.88 points), K-Electric Limited (KEL -6.91 percent), and Hascol Petroleum Limited were the top three companies that impacted the volume chart (HASCOL -13.63 percent). Specifically, 33.59 million, 19.98 million, and 12.48 million shares of the scrips were traded.
Capital Stake reports that the Technology and Communication sector (196.76 points), the Banking sector (104.79 points), and the Oil and Gas Exploration sector all contributed to the decline of the benchmark KSE 100 index (100.32 points). Among the companies, the biggest detractors were TRG Pakistan Limited (-100.14 points), Systems Limited (-75.11 points), and Engro Corporation Limited (-63.52 points).
Capitalization in the information technology and telecommunications industry fell by 4.96 percent. Systems Limited (SYS), TRG Pakistan Limited (TRG), Pakistan Telecommunication Company Limited (PTC), and Avanceon Limited (AVN) all ended in red.
The global stock market as a whole was following a downward trend. The price of West Texas Intermediate crude oil (WTI) rose by 0.97 percent to $75.11, and the price of Brent crude oil (Brent) rose by 0.60 percent to $80.28.
I hope you will gain some above information During the first few hours of trading on Tuesday, bears went crazy on the Pakistan Stock Exchange (PSX), where stocks were sold in a panic because the country’s economy is in such bad shape. Thank you for reading this information.